If you are a minority and a small-business owner, then you could benefit from getting a minority-owned certification. Corporations, state agencies, and the federal government want to do business with minority business owners. They understand this partnership will grow and sustain the economy.
Corporations also get more funding by supporting minority businesses. The Department of Transportation is one of those government agencies that requires recipients of its funding to award a percentage of it contracts to minority-owned businesses.
It is important to customers for these organizations and minority business owners to work together. Minorities are not going to want to buy from companies that do not do business with minority companies. It helps to sign up for a program to get a certification. Many public and private sector firms search through these programs for minority suppliers. Read on to find out how to get certified with the National Minority Supplier Diversity Council (NMSDC).
What Is the NMSDC?
Getting certified with the National Minority Supplier Diversity Council (NMSDC) is a good way to position your company for growth. This organization allows you to connect with private-sector buyers. They also match members of their network with minority businesses. This partnership is made to allow both parties to purchase services, products and solutions. The NMSDC has matched 12,000 certified minority-owned businesses.
What Are the Requirements?
You must be eligible before starting the qualification process. Your company must be considered a minority business enterprise (MBE). The business must be owned by a United States citizen who is Native American, Latino, African American, or Asian American. This person must own at least 51 percent of the stock.
The first step is to gather your documents. The type of documents depends on your business. The necessary documentation for a corporation includes:
- Business history
- Stock ledger and stock certificates
- Certificate of incorporation
- Copies of cancelled business checks
- Proof of general liability insurance
- All ownership agreements
- Business cards
- Copy of your driver's license
- Proof of U.S. citizenship
- Corporate bank resolution with bank signature card
You must sign up for an account on the NMSDC website to create a login. After logging in, you can review and submit your application. The application process requires a fee upon submission, and the approval process can take up to 90 days. If you are approved, then you will be sent a MBE certification and a certification letter.
Talk to a company such as Vantage Point Consulting, INC. to learn more.