A minority owned business must have at least 51 percent of the company owned by people who represent one or more minority groups. The government has put several programs into place to help disadvantaged groups flourish in business. Some businesses actively seek minority business status to take advantage of these special benefits.
Grants
Many minority owned business owners are given special grants and funding to help get the business off of the ground.
Contracts
A minority business will sometimes be preferred when it comes to bids for government and special contracts.
Diversity
Minority owned businesses are diverse, allowing for fresh ideas and points of view.
Supplier
A business with majority minority ownership can be recognized as an official minority business supplier for corporate businesses and government agencies.
Considerations
The state or federal government must recognize the company as a minority business in order to take advantages of special benefits. This is called a "minority business enterprise certification (see "References")."
