Is Your Minority/Woman/Veteran Owned Business Certified? The Billion Dollar Cheat Code
“The U.S. Federal government is the largest purchaser of goods and services in the world. Federal government purchases—called procurement—can have a substantial impact on the success of small businesses, especially those owned by underrepresented people.”-The White House
Are you a minority/woman/veteran-owned business?
Yes?
Do you have your certification(s) as proof?
No?
Well, your company should seek official certification to be recognized as a minority-owned business or enterprise. These certifications show that its organization is reputable and ready to work with significant corporations. Indeed, private and government agencies want to make sure they purchase from various community vendors. In fact, you are often officially eliminated from specific programs, grants, and contracting opportunities if you do not have your certifications.
Below are three steps to increase your chances of procuring private and government contracts.
Get Certified With The National Minority Supplier Development Council (NMSDC)
For the private sector, The National Minority Supplier Development Council (NMSDC) is the most important and famous minority-owned certification firm. Businesses need to learn more about the NMSDC to get certified. The NMSDC's mission is to “continuously advances Asian, Black, Hispanic, and Native American suppliers in a globalized corporate supply chain.” It has a large and prominent certification network of 12,000 certified business enterprises. In addition, governments often rely on NMSDC certification when awarding public-sector contracts, and many states and cities require NMSDC certification for their selection process.
2. Get Certified With The Small Business Administration (SBA)
In addition to getting certification with NMSDC, you can seek certification from the Small Business Administration (SBA). This certification is a must for public contracting. Indeed, the SBA gives 8(a) certifications to businesses. Only certified 8(a) businesses can win federal contracts reserved for “small disadvantaged businesses.” According to federal regulations, the federal government aims to award at least five percent of contracting dollars to 8(a) businesses. All companies with 51% minority ownership are likely eligible for 8(a) certification.
3. Get Certified With State and Local Governments
There are various state and local government-sponsored mechanisms for awarding minority status to businesses. The good news is that to get qualified, most state and local government processes are identical or very similar to the federal SBA process. To determine whether you qualify for your state, do an internet search for “minority-owned business certification” and your state name, city, or town.
Without these certifications, you limit your business growth through private and government contracting. Please remember that this is not a get-rich-quick scheme. Indeed, you will still have to put in the work and deliver!
