Ever wondered how you can make it big in an increasingly growing business world, but don’t know where to start? If you happen to be a woman and/or a member of a minority, consider applying for Minority and Women Business Enterprise (MWBE) certification to reap countless benefits.
The 1998-established MWBE certification is geared towards legally-authorized, for-profit Sole Proprietorship, Partnership, or Corporation businesses in the US that are at least 51% independently owned and managed daily by women and/or members of minority groups.
Publicly-owned company stockholders or owners can also apply for a certification, provided that 51% of the shares are owned by women or individuals of 25% Hispanic, Asian, African, or Native American descent. The businesses must also continuously contribute to strengthening the US economy through payment of taxes, production and distribution of products in the market, and creating more jobs.
The MWBE offers various opportunities for eligible entrepreneurs. The basic requirements include important documents such as business licenses, company identification, employees’ profiles, financial information, and other legal documents. Other eligibility criteria will depend on the state in which you are applying. In some areas, MWBE certification requires the owners to be US citizens or legal residents of the country. Other states require one to two years business history for approval.
The MWBE also needs to be renewed annually or every three years from the issuance of the certification, depending again on the state of application. The application process may range from 60-90 days.
Many other requirements are needed, and it’s best to check with experts for in-depth eligibility analyses of your business. Obtaining certification is just the first step to achieving optimal revenue growth.
Business owners who have MWBE certification can get perks such as the following:
- An increased access to contracts from private and public sectors.
- Gain a wealth of information through conferences, seminars, and workshops which aren’t available to non-MWBE certification holders.
- Secure loans and other financial aids to kick-start your business’ dreams and goals.
- Access to large databases to search for potential customers and partners who can help in expanding your business.
- Develop stronger relationships with clients and fellow MWBE certification holders.
- Promote fairness and equality.
Having an MWBE certification has its perks, but one must also know its potential disadvantages. Recertification is needed yearly in most states, and it’s important to make a list of all up-to-date information regarding your business.
Some state governments insist you transact with their agencies without third-party certifications for strict compliance with certain regulations. Another drawback is that being certified doesn’t automatically guarantee contractual opportunities. As the business owner, you also have to work hard to market your products and services to the general public, and not solely depend on your MWBE certification.
Still, a certification is vital if you want to take your company to the next level. Thanks to the MWBE certification and its many possibilities, everyone, regardless of race or gender, is given more chances to become highly competitive leaders and business owners in this rapidly-changing economy of today.
For more information on MWBE, read this article. You’re on your way to success.