Major Tech Giants Back Black Businesses with MBE Certification Support
Major tech companies like Facebook, Microsoft, and Google have pledged to support Black businesses. To access these commitments, businesses must first obtain minority business enterprise (MBE) certification.
MBE certification is crucial for promoting diversity and equity in business. Over the past decade, MBEs have accounted for over 50% of new businesses and created 4.7 million jobs in the U.S. The process takes approximately 90 days and involves a fee that varies based on the organization and annual revenue.
The National Minority Supplier Development Council (NMSDC) is one organization that certifies MBEs. To qualify, at least 51% of the company must be owned, managed, and controlled by individuals from recognized minority groups. Certification offers benefits such as access to key stakeholders in procurement for all industries.
Despite their contributions, minority-owned businesses face systemic financing inequities, with lower approval rates, smaller loan amounts, and higher interest rates. MBE certification can help overcome these barriers.
MBE certification is a significant step for minority-owned businesses seeking to grow and thrive. With the support of major tech companies and other initiatives, certified MBEs can gain access to key stakeholders, procurement opportunities, and business support programs. This not only benefits the businesses themselves but also contributes to a more diverse and equitable business landscape.
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