Minority-Owned Small Business Certification Preparation
What is the Minority Owned Small Business Certification
If you are part of a minority group and you own your business, you definitely want to get one of the following certifications, it brings many advantages and it could be a great step toward growing your business.
Minority Business Enterprise (MBE)
MBE is a certificate issued to companies based on ownership and control. They could be issued by the federal, state or local government.
Allotted Contracts with Government
Government projects set aside contracts (between 5% to 25% ) to disadvantaged business enterprises that you can take advantage. Some contracts may stipulate that the prime contractor must divert a portion of the contract to disadvantaged business enterprises or officers may add points to bidders with MBE certifications.
Business can grow by entering small contracts and learning new skills to diversify their businesses.
Government offer programs to assist in technological areas. Some programs connect entrepreneurs with mentors who can help them understand.
MBE programs may offer low-interest loans or grants, or they may provide loan guarantees, essentially reducing the risk to lenders who give money to disadvantaged business enterprises.
Proof of U.S. citizenship (i.e., birth certificate, naturalization paper, or unexpired passport) for all Principals , copies of resumes, copy of driver’s licenses.
A Brief History of the Business
Certificate of Incorporation
Articles of Incorporation
Stock Certificates and Stock Ledger (front and back)
All agreement(s) and any amendments pertaining to partnership, ownership, operation, and control of the business
Articles of Organization and any amendments
Corporate Bylaws and any amendments-executed and attested (if applicable)
Joint Venture agreements if applicable
Minutes to Board of Director’s meetings as well as Shareholder’s meetings
Business cards that list appropriate corporate titles
DBA (Doing Business As) or Trade Name Certificate
Corporate Bank Resolution Agreement(s) to include Bank Signature Card(s)
Business Lease Agreement(s) (and Security Deeds if home-based)
Proof of general liability insurance and in some cases bonding
Copies of the businesses’ cancelled checks
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