5 Ways Small, Minority Owned Firms Can Build Success
To spread the economic benefits that construction projects generate more fairly across communities, government agencies reserve some public work for contractors owned or operated by traditionally disadvantaged groups. Federal, state and even city and county agencies have special programs that give qualified minority- and woman-owned business enterprises (MWBEs) and other disadvantaged business enterprises (DBEs), such as service-disabled veterans, a chance to bid on and win certain construction projects ranging from small to mega. That is, if they are certified. The Small Business Administration, for example, runs the 8(a) certification program , which is probably the most well-known among government contractors, but other letting agencies have renditions as well. Most certifying agencies require that a qualified business be owned by at least 51% minority or disadvantaged owners. African Americans, Hispanics, Native Americans, Asian-Pacific and Subcontinent A...