Contractors may start with the cleaning contract on a construction site, but may learn how to hire and manage other contracts and move up the value-chain ladder. Yes, it’s a little extra paperwork, but it could bring significant benefits to your minority owned business. All of these benefits require registration and certification as a disadvantaged business enterprise. With as much as 130% return on investment for every $1 million spent in procurement operating costs, your company will realize distinct competitive advantages. In addition to the economical benefits, large corporations have found that there are additional intangible benefits to sourcing minority business enterprises. According to research by the Hackett Group, working with a certified-MBE business can drive an additional $3.6 million to an organization’s bottom line. Minority Business Executives have access to numerous benefits and services, including educational programs, networking opportunities, leadership tools, and marketing / advertising opportunities. Some disadvantaged business enterprise programs may provide low-interest loans or grants, or they may provide loan guarantees, essentially reducing the risk to lenders who give money to disadvantaged business enterprises. While 8(a) businesses do not necessarily need to be minority-owned businesses, all companies with 51% minority ownership are likely eligible according to federal regulations. In essence, the advantage of being known as a minority business sets up your enterprise for lucrative business-to-business opportunities. Looking for stories and inspiration? Across the country, state and local governments register small businesses as disadvantaged business enterprises. Overview In 1978, Maryland's General Assembly enacted legislation creating the Minority Business Enterprise (MBE) Program to ensure that socially- and economically-disadvantaged small business owners are included in the State’s procurement and contracting opportunities. If so, please contact us. What Are the Benefits of a Minority-Owned Business?. You can also explore state and local incentives that focus on encouraging certified-MBEs. Most states have formal targets as well as favorable contracts that are exclusively set aside and awardable to minority-owned businesses. . Moreover, on their own, minority businesses that export goods to other countries are a significant driver of the U.S. economy, having done more than $1 trillion in revenue in 2007, according to the MBDA. The U.S. government offers numerous federal and state tax incentives, tax breaks, and potential rebates to those who conduct business with certified-MBEs. Identify and implement the necessary steps for establishing a solid, financial infrastructure. Two Locations – Philadelphia and Pittsburgh. There are many government programs that help new business owners navigate these difficult aspects, including the United States Small Business Administration's 8(a) program. Besides the economic benefits, there are several intangible benefits to working with a MBE. He has won numerous awards for reporting. Landing Contracts That Once Seemed Unlikely. __ss_noform.push(['baseURI', 'https://app-3QNJKFW5BM.marketingautomation.services/webforms/receivePostback/MzawMDE3MzcxBwA/']); Grants may also be available, as well as short-term loans to cover unforeseen cash emergencies. What Are the Benefits of a Project Labor Agreement? Better manage all facets of your growing business. Participation in educational programs and workshops to assist in professional development. MBEs are well-connected in local businesses and have access to training programs, workshops, and mentorship programs that further infuse innovative strategies, cost-saving, and the ability to boost the bottom-line. In instances where one contractor bids and wins a job, the contract may stipulate that the prime contractor must divert a portion of the contract to disadvantaged business enterprises. Seventeen states and 25 cities accept NMSDC certification for programs designed to help eliminate barriers to participation in public-sector contracts. Philadelphia-based freelancer Pat Kelley has been writing since 2002, most recently for Scripps Texas Newspapers. Minority Business Enterprise (MBE) Benefits. Choosing a certified-MBE partner provides your business access to many tax benefits. woman-owned) and/or military veteran classifications: [citation needed]. Managing a growing startup or practice is a challenging endeavor. Participation in technical training seminars hosted by leading corporations – learn about what they buy, how they source, and how suppliers can compete for opportunities. Working together, you can strengthen brand recognition, community outreach, company culture, and marketing efforts. It also helps expand your client base into the government realm because corporations, the federal government, and state agencies all want to do business with minority-owned companies to meet compliance policies.

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