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Minority Owned Business Enterprise (MBE) Definition

A Minority Business Enterprise (MBE) is defined as a business which is at least 51% owned, operated and controlled by one or more of the following groups:

  • African American 
  • Asian American (originally from India, Japan, Korea, etc)
  • Hispanic American / Latino (originally from Latin America, South America, Portugal, Spain)
  • Native American Indian (Apache, Cherokee, Chippewa, Iroquois, Navajo, Sioux, etc)
  • Service-Disabled Veterans (DVBE, SDVBE)

Minority Owned Business Enterprise Certification

The basic process for MBE certification is as follows. First, at least one of the primary business owners must be a United States citizens and eligible to be classified as a minority (see above). Second, gather business documentation described below. Third apply as a MBE. The Minority Business Development Agency (MBDA.gov) has Business Centers throughout the United States to help with certification and business development for minorities.

Minority Business Enterprise (MBE) Documentation

  • Articles of Incorporation
  • Business history
  • Business Lease Agreements and Security Deeds
  • Certificate of Incorporation
  • Corporate Bank Resolution Agreements, Bank Signature Cards and cancelled checks
  • Corporate Bylaws and Amendments
  • Legal information of Principals (position titles, driver's license, proof of US citizenship, resumes)
  • Minutes to Board of Director’s and Shareholder’s meetings
  • Ownership and operational agreements
  • Proof of general liability insurance and bonding
  • Stock Certificates and Stock Ledger

Minority Small Business Grants and Loans

The US Small Business Administration (SBA.gov) has the 8(a) Business Development program that provides assistance, training and funding for minority business enterprises. Also, as described above, MBDA.gov is available for assistance and guidance on how to obtain business financing.

1040TaxBiz and MBE

1040TaxBiz is proud to work with entrepreneurs of any race, ethnicity or gender. We actively reach out to minorities and women to help them start their own business.

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CONTACT INFO
1040TaxBiz
5901 E 38th St
Indianapolis IN 46218
Local: 1-317-543-5570
 
Fax: 1-877-659-5003

Minority Owned and Operated
BUSINESS HOURS
We have Representatives waiting to talk with you during extended business hours:
 
  • M-F: 9AM - 6PM EST
  • Sat: 10AM - 3PM EST
  • Sun: closed
 
For those on the west coast, we can schedule late evening calls.