In order to get your business certified as a minority owned operation it must be owned (at least 51%) by one or more minorities (women are not a minority). So, if that is your case- keep reading. If it’s not, then I suggest you ignore this article and find some other way to take advantage of the system because it’s not going to help you at all.
Now, back on track. So, your company is 51% or more owned by minorities. Great! You have opportunities other do not in the business world. Not only that, but you have all of your competitors opportunities and more. First things first, let’s look at what a minority is by legal definition:
A minority is a sociological group that does not constitute a politically dominant voting majority of the total population of a given society.
However, your state and local government may have different rules and regulations regarding their contracts and what their definitions are. Consult your state and local government for rules and requirements. So what the hell does that mean? It usually means if you are Black, Latino, Native American, etc and you own more than 51% of the company then you are going to be able to certify.
How do you certify?
The SBA (Small Business Administration) has a program for the certification process called the 8(a) Business Development Program. You can find all the information you need in that area. You can also turn to the Minority Business Round Table for guidance. The program was developed to assist small businesses who fit into the minority owned group. View the certification page on the SBA’s website for exact details. Because of the variation from state to state I suggest you seek legal or small business council prior to submitting for certification.
