Minority Business Enterprise is an enterprise or a business who’s more than 51% of stocks, ownership rights are controlled and operated by minority group members on a daily basis. It is a for profit organization. The minority groups are identified as those with Asian, Black, and Hispanic etc. ethnic background.
The rules for the Minority Business Applications vary a lot. Some require a 75% ethic base while some may consider a 25% base. The certification to be done as a Minority Business can be done either at the local level or the regional level. Some of them require an annual fee renewable each year. The certification also needs to be renewed each year.
Corporations, federal government and many large business have the goal of buying from minority owned suppliers. However minority business needs to be certified before it can get into business with these enterprises. After being certified they can avail the opportunity of advanced level training programs.
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