What is a MBE?
A Minority Business Enterprise certification more commonly known as
MBE certification. Is defined as business entity being wholly owned, controlled and operated by a government designated minority group. If you acquire an MBE certification, then it will almost certainly turn out to be a very valuable tool. A remarkable marketing tool for your small business enterprise (SBE).
Basically, this certification entitles you to certain special privileges and considerations. Especially when you attempt to bid on contracts with various government agencies and private organizations.
In fact, the minority business enterprise (MBE) concept is a uniquely American designation for just about any small business. Equally important one that is at least fifty one percent operated by a member of an ethnic minority. Thus one operated and controlled by one or more American citizens from an ethnic minority communities. The following are considered ethnic minorities: asian, black & hispanic among others.
This includes colored Americans of African descent, irrespective of their generation.
Asian Americans (South Asia)
These include many South Asian Americans that have come to America from India, Pakistan, Bangladesh and other South Asian nations.
Asian Americans (Southeast Asia)
This category includes East Asian Americans such as Korean Americans, the Hmong tribes of Vietnam, Japanese Americans, etc.
This includes individuals who can trace their lineage to South America, Latin American countries, Portugal and Spain.
These include all the government recognized tribes that constitute the original inhabitants of the territories that now comprise the United States of America. The Aleut nation is also included in this classification.
Hasidic Judaism is a small Jewish religious group that exists as a sub-sect of mainstream Judaism. Initially founded in Ukraine in the 1700s, today it exists mostly in Israel and the continental US.
As per statistics released by the Minority Business Development Agency (MBDA), minorities own approximately 8 million firms and sole proprietorship concerns that account for nearly $1.4 trillion in revenues. While it is possible for an MBE to self-identify, as a general rule, they are usually certified by a local, state or federal agency.
Unfortunately, many city, state, and country contracts for MBE certified small business enterprises go unclaimed. Consequently because the minority business owners are not even aware of the fact that they can even qualify for a certification. Let alone an MBE certification to further their business interests.
Different Types of MBE Certifications
The specific type of certification that you seek to acquire will depend almost entirely on the programs that you are interested in participating in due to any number of reasons. Basically, this depends on the sectors that you already have a lot of experience in working with so that you can bring a certain level of synergy to the project. Various state and local agencies as well as the federal government and the private sector have different types and forms of certification, each with their own formal certification criteria and process.
Federal Government Certification
The government’s Small Business Administration (SBA) has a focused program for ‘socially and economically disadvantaged’ businesses. To explain, this program has been designed to help you to successfully bid and execute contracts in the public sector. The program is often referred to as the 8(a) Business Development Program. The Code of Federal Regulations of the United States of America defines the term ‘economically disadvantaged as:
“Socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired. Due to diminished capital and credit opportunities as compared to others. Especially if they are in the same or similar line of business who are not socially disadvantaged.”
Private Sector Certification
The National Minority Supplier Development Council (NMSDC) runs several programs for its affiliated minority-owned businesses. NMSDC certification also helps them to connect to large companies in the private and corporate sectors.
Once an MBE certified business has been approved, it will be listed accordingly in the national ‘Minority Supplier Database.’ In fact the NMSDC has a large list of corporate members as well as other companies operating in the private sector. This way, your MBE certified company will easily be able to connect with them and bid for their contracts.
Local and State Agency Certification
In order to actively participate in the DBE, WBE or MBE programs at the local and state level, it is imperative to reach out. That you get in touch with the relevant program officers for further instructions. You will need to apply at the regional MBE office that is closest to your business headquarters so as to acquire that coveted MBE certificate in your respective city or state.
Why Go for An MBE Certification?
Historically, many small business owners had to face a lot of challenges. Especially when it came to winning large contracts and gaining access to business financing. The latter has been a major problem because financial institutions and even venture capitalists have been reluctant. They are reluctant to loan funds to minority communities especially if they have no certification or business plan.
When we take this into account along with the usual challenges that are inherent to the successful running of a business, we can see how important it is to explore every available opportunity that an MBE certificate can provide. Apart from that, you can also gain easy access to special business training workshops and conferences to hone your skills.
However, the whole application process is both confusing as well as time consuming. Especially for those people who have never filled out the forms before. Subsequently who are not familiar with the many different requirements for this certification. In conclusion once this certificate is in your hand, you can rest assured that you will get preferential treatment.
Specifically for really lucrative contracts.
Many state, city and county contracts for certified small businesses go unclaimed as minority business owners do not know they can qualify for a certification. As a business owner, it is important to understand that a DBE certification can allow you compete for government contracts, increasing your business’ revenue.
The application process can be time consuming and confusing for those who are not familiar with the requirements. However, certification is a valuable tool for growing your small business. At any rate this certification will give you an edge unlike all others way more than social media or content strategy. Local, state and national corporations regularly search for minority certified vendors to conduct business with.
Even during a recession, the government must continue spending to fund its operations and stimulate growth. Furthermore if you are seeking small business certification, it is important to decide who your target customer is. Thus to see if a DBE certification is best for you.
At BryteBridge, our certification consultants will help you determine if you qualify for a Minority Business Enterprise certification. We will work with you to complete the application with supporting documents and recommend the best agencies for your certification.
The approval of your certification will be priority. Once obtained, you are ready to start marketing your company and certification. In an addition we can also help you identify available government contracts and respond to bids or RFPs.
Some benefits of obtaining an MBE business certification include:
- Access to specialized loans
- Certified as a business of success or future success
- Access to educational seminars, training and technical assistance
- Introduction to local, state, federal corporations or businesses
BryteBridge can help
Our qualified consultants have extensive experience in document preparation for small businesses. We can complete both state and federal documents for your organization and guarantee their approval. Best of all, our rates are very competitive and we offer flexible payment methods as well as annual plans. Some key benefits of using us:
- Affordable Pricing: Our services are priced to accommodate your businesses budget while still including all necessary items for your organization.
- Professional Quality: We pride ourselves on the professional-grade quality work completed by our consultants, and guarantee 100% satisfaction.
- Full-Service Options: We do our document preparation services in house, providing our customers with consistent professional service, quality, and quick turnaround.
- Streamlined Process: We prepare your documents in a timely manner, allowing you to receive your services within 10-15 days after receiving all necessary documents.
- Complementing Services: We offer a variety of services, including payroll, bookkeeping, tax preparation and more all for an affordable price!
- Experienced Staff: We have gained an exceptional amount of experience in document preparation due to our low-prices, allowing you to be prepared for audits, annual reporting, fund-leveraging and financial planning. We are experts when it comes to filing for businesses.
- Long-Term Relationship: Because we offer many services, our goal is to WIN our clients with great pricing and fanatical customer service to enable a long-term relationship.
If you have any further queries regarding your eligibility for an MBE certification, you should approach the experts at BryteBridge. Our highly qualified professionals are always at hand to both assist and guide you through the highly complex application process. Contact us to sail through the whole certification process. We will help you gain this coveted certificate in order to increase your revenue streams exponentially.