Supplier diversity programs are becoming standard for large corporations. According to Fortune magazine, minority-owned businesses sold over $50 billion in goods and services to Corporate America this year. There are now 14 inducted members of Billion Dollar Roundtable (BDR), a top-level forum for corporations that have attained $1 billion or more in spending with minority- and woman-owned companies.
This dedication to supplier diversity in contract spending means that more opportunities are available to minority- and woman-owned businesses that get certified. Certification is quickly becoming a pathway to success for small businesses.
Below is an overview of the most popular certification programs that are recognized by the private sector. Many states now have combined programs and applications for minority- and woman-owned small businesses under an M/WBE certification.
Click on the titles to learn more about the benefits, eligibility requirements, and certifying agencies for each type of program.
Large metropolitan cities and most states have established MBE programs that provide growth and improved competitive advantage to minority business owners. These programs may vary in the benefits offered to qualifying businesses, but all are designed to assist certified MBE’s with contract preference on government and commercial contracts.
A certification for woman-owned small businesses recognized by federal, state, and local governments, as well as large corporations with supplier diversity programs. Although most businesses can “self-certify” as woman-owned, formal certification helps facilitate contracting capabilities with public and private sector entities.