Businesses that are certified as minority-owned can take advantage of special government programs, including increased access to government contracting opportunities that can help them grow quicker.
The process of becoming certified as a minority-owned business for the purposes of participating in special programs like those offered by the NMSDC and the SBA’s are significant, but the benefits of being a minority-owned business with certification are vast.
From federal and government agencies to private corporations, there are many organizations that want to do business with minority-owned businesses and would even prefer to do so. Certification may provide your business with opportunities it might not otherwise be able to compete for.
Many federal government agencies are even mandated to reward a substantial number of contracts to certified minority-owned businesses. For example, the U.S. Department of Transportation requires that at least 10 percent of the money spent on contracts for certain projects go to businesses that are minority-owned.
Government agencies and corporations actually set goals for conducting business and buying from minority-owned companies, so becoming certified immediately increases your business’ appeal. Corporations want to do business with minority-owned businesses because they realize that U.S. minorities have great purchasing power. And needless to say, if they want minorities to purchase their products and services, they have to support their businesses in return.
Federal officials support minority-owned businesses because they realize that by doing so, they will help the country grow a sustainable economic climate. So, now that you know the benefits of being a minority-owned business, it’s time to look at how you can officially certify your business as minority-owned.