Overview of minority-owned businesses
The number of minority-owned firms has increased by 35% over the previous ten years, mostly as a result of public and private initiatives to support certified minority business enterprises (MBE). This article covers the prerequisites for MBE certification as well as an overview of the certification procedure and MBE information. An MBE is what? As per MBE information, a for-profit company owned and controlled by one or more members of an ethnic or racial minority group is eligible for a special certification known as an MBE. African Americans, Latinos, Native Americans, and Asian Americans are the main minority groups in the United States. An organization must meet two primary criteria to be accredited as an MBE. The MBE must first be owned by one or more people who identify as members of a racial or ethnic minority. When one or more members of a minority group have at least 51% of each class of ownership interest in the entity, ownership is said to have occurred. Assume, for instance