Ask The Money Coach

By Lynnette Khalfani-Cox, The Money Coach

A Minority Business Enterprise (MBE) is any business that is at least 51% owned, operated and controlled by an American citizen or citizens of the following ethnic groups:

• African American
• Asian American
• Latino/Hispanic American
• Native American

The primary place to get certified as a minority business is the National Minority Supplier Development Council. NMSDC has about 40 regional councils, or affiliate offices, around the United States. Small business owners get certified by the council that is closest to their business. The goal of NMSDC is to provide increased procurement and business opportunities for minority businesses of all sizes.

For the purposes of NMSDC’s program, an individual is considered a minority if he or she is at least 1/4th Black, Asian, Hispanic or Native American.

Learn additional information about the benefits of getting certified as an MBE from the U.S. Department of Commerce’s Minority Business Development Agency, which also has resources on everything from financing opportunities to landing government contracts.

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