A Minority Business Enterprise (MBE) is a business in which a minority is the primary owner and manager of that business. In more legal terms, a minority is a group of people who do not represent more than 50% of a given society. These groups could be religion-, ethnic-, or even gender-based. Common ethnic minorities in business are: African-American, Hispanic, and Asian. Common religious minorities in business are Muslims and Buddhists.
How to Qualify as a Minority Business Enterprise (MBE)
To qualify as a Minority Business Enterprise (MBE) within the United States, the following must occur:
– Minorities must own and control at least 51.0% of the business.
– Minority owner(s) must serve as President or CEO (if both positions exist).
– Minority owner(s) must be active in daily management.
– Minority owner(s) must be a US citizen.
Minority Business Enterprise (MBE) Certification
The National Minority Supplier Development Council (NMSDC) is an organization that certifies if a business is minority owned and managed. They require certain documents to demonstrate that minorities own and control at least 51.0% of the business.
Minority Business Enterprise (MBE) Benefits
Minority Business Executives have access to numerous benefits and services, including educational programs, networking opportunities, leadership tools, and marketing / advertising opportunities.
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