A Minority owned business is defined by business.gov as those where the sole proprietor is African American, Hispanic, Asian, Pacific Islander, or American Indian/Alaska Native, or, in the case of firms with multiple owners, where 51 percent of the stock interest, claims or rights is held by African Americans, Hispanics, Asians, Pacific Islanders, or American Indians/Alaska Natives.
Here are some great resources for minority businesses which provide a great head-start for a new business.
- HUBZone Program
A program sponsored by the U.S. Small Business Administration that helps businesses in historically underutilized areas gain access to federal procurement opportunities. - Minority Business Development Agency
A federal agency created specifically to foster the establishment and growth of minority-owned businesses in America. Find information on financing a business as well as business opportunities. MDBA has over 40 business centers. - Minority Enterprise Development (MED) Week Conference
Information about this federally-sponsored, national conference focused on issues affecting the growth and development of minority business enterprises. - SBA Office of 8(a) Business Development
Information about programs and services that help small disadvantaged businesses compete in the American economy and federal procurement market.
Tips on Maximizing the resources
- Get engaged with your local chapter and network to get the word out about your business. .
- Visit with a specialist at the MBDA (Minority Business Development Agency) in your area
- Talk with a finance specialist at the small business administration chapter in your area for your financing needs
- Participate in business courses offered through your local chapters
Doing Business with the federal government
If you are interested in doing business
with the federal government, there are a couple of ways to get started. One is
to submit your business profile to a database that federal agencies use to
locate contractors. This approach is like using a job board to find a job. The
other method is to research existing opportunities using resources made
available by the federal government.
- To send your business's "resume" to the government, register a business profile with Central Contractor Registration, or CCR. CCR is a database that federal agencies use to learn about prospective vendors. Agencies can search for your business based on any number of factors, including capabilities, size, location, experience and ownership. It is very important to be registered in the CCR and to keep your business profile up-to-date.
- To identify current contracting opportunities, consult the available government resources. For federal business opportunities in particular, you should visit FedBizOpps: Federal Business Opportunities. Federal agencies use this site to communicate their buying requirements to potential suppliers. All federal contract solicitations with a value of at least $25,000 are published on FedBizOpps. Government agencies publish the solicitations on FedBizOpps, and provide detailed information on how and when vendors should respond.
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