Do you want to make more money? “Of course,” you say! Well there’s a way to do that if you are a business owner who happens to be a MOB. No, I’m not talking about a MOB of people or a flash mob making its mark on YouTube. I’m talking about a minority-owned business (MOB). Did you know you can apply to become a certified MOB and that could potentially increase your business income?
This is a good week to discuss the benefits of becoming a certified MOB. That’s because this week is Minority Enterprise Development Week, which runs from August 18th through the 24th.
The week highlights the importance of minority-owned businesses and the number of corporations and government agencies that want to do work with minority business owners. For instance, federal agencies, like The Department of Transportation and the Department of Defense, set aside a percentage of work and contracts for MOBs.
If you’re not certified, you could be missing out on the chance to bid on public contracts and potential marketing opportunities. Here are some other things to consider when applying for certification through the Small Business Administration’s 8(a) program:
- SMALL OR DISADVANTAGED BUSINESS CRITERIA – Women, minority, disabled or veteran-owned businesses can apply to become a Certified Disadvantaged Business Enterprise (DBE) or a Small Disadvantaged Business (SDB) Entity. Small businesses that are owned and controlled by U.S. citizens who are socially and economically disadvantaged also qualify. According to the Small Business Administration or SBA, this would include companies that have been impaired due to diminished capital and credit opportunities compared to others in the same or similar line of business.
- OWNERSHIP QUALIFICATIONS – In order to qualify for certification as a minority-owned business, the business must be owned and controlled by one or more socially or economically disadvantaged persons. This means, that person must own or control a minimum of 51% of the business, plus you must also have control of the daily management and operations. Finally, to qualify for the SBA 8(a) program, the applicant must demonstrate a potential for success.
- REGISTER YOUR COMPANY – If you’ve met the requirements to be a certified MOB, you can begin the process of certification by registering in the Central Contractor Registration database. Here is a link to it: https://www.sam.gov/portal/SAM/##11
- SUBMIT AN APPLICATION – If you want to bid on Federal Contracts, you must be certified. Here is a link to register with the SBA: https://sba8a.symplicity.com/downloads/BDMIS_UserGuide.pdf
Feel free to email me if you have questions about the benefits of being certified as a minority-owned business. Or, you can contact the SBA’s local district office located on the 7th Floor of 100 S. Biscayne Blvd. or call them at 305.536.5521.
I have a number of clients who I’ve recommended certification to and who now thank me for helping their business grow. If you qualify as a MOB take advantage of all the perks like reduced competition, sole source contracts and even specialized business training and counseling. It will take you a little time to get through the process. Certification is free, however, the rewards are exponential. Now that’s a win, win!
