Starting a Minority Owned Business
If you want to start a minority owned business, you should be aware of the benefits as well as the requirements. At least 51% of the company should be comprised of minorities and only a small business will be granted a certification.
If you’re able to meet with these requirements, you can now receive grants and business opportunities.
Did you know that you can find many minority owned businesses these days? In this type of business, the company should be comprised of at least 51% of people that represent minority groups. Since these groups of individuals are underprivileged, the federal government has designed programs that can help them flourish in the business environment. Some entrepreneurs are even taking advantage of this opportunity because of the special benefits and so they look for minorities that can comprise the said percentage. With the special grants and funding available, any business is possible to start.
How to Start a Minority Owned Business?
Starting from scratch will no longer be a problem since minority owned businesses are given top priority. In fact, special contracts and government bids are usually in favor of the minority business. With the diverse groups that make up the company, it is possible to generate new and better points or ideas that will be beneficial to the business as a whole. In most cases, government agencies and corporate businesses rely in minority ownership to supply them with certain products or items. With so many benefits to enjoy, it is no wonder that the government follows a stringent procedure to provide a business with ‘minority business enterprise certification’.
The Native American, Asian, Hispanic, and African American communities were able to see hope amidst the tough competition in the market. Now, you can even find women entrepreneurs that are successful. Although racism remains in some areas, corporate environments, and industries, this will not hinder minorities to open their new businesses and excel. To get started, you must write an application. You can check with SBA to find out the basics of writing the application. There are questions that you need to answer. The agency will review the application for fifteen days and the final decision will be released after three months.
You can contact the district office of SBA in your area or the Chamber of Commerce. Your business should have less than 500 employees and the annual receipts should not exceed $2.5M. So far, these are the basic considerations. If the company is able to comply and an attractive application can be made, there is a high chance that your business will be granted a certification and the needed funds. With increased networking opportunities, programs, corporate acceptance, and urban revitalization, the minority groups will no longer be at a disadvantage. If you’re one of them, this is your chance to show the world that you have the capabilities to excel in your chosen business.
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