Minority- and Women-Owned Business Enterprises Are Booming

Minority- and women-owned business enterprises (MWBEs) are the pillars of many communities. From Main Street to Wall Street, female entrepreneurs and entrepreneurs who identify with a minority group are leveraging expertise and innovation to create groundbreaking services and products.

The U.S. Small Business Administration (SBA) reports that there were 8 million minority-owned businesses in the United States in 2018, and 9.9 million women-owned enterprises. Nearly 6.2 percent of the nation’s workforce was employed by a MWBE in 2015, and total payroll and employment expenses for MWBEs reached a whopping $254 billion that year.

It’s clear that MWBEs are continuing to shape and change the nation’s business fabric for the better.

Benefits of Certification

There are several certification bodies that offer different types of certification, depending on the minority group you identify with, the industry in which you do business and the clientele you hope to attract. Here are just some of the benefits of choosing and pursuing a certification that meets your needs:

  • Landing government contracts: One of the key benefits associated with MWBE certification is that it may allow your company to land more government contracts. Many government projects require a certain percentage of participation from certified MWBEs. If you’re not certified, your participation in the project won’t qualify toward the government’s targets. It can also be beneficial when working with large corporations.
  • Becoming more competitive: Certifying your company as an MWBE can help you become more competitive compared with larger or more established organizations. Many people would rather work with a smaller organization that’s both personable and in line with their values, and certifying your company can help you put a face to your business.
  • Connect with your community: Establishing your company as an MWBE will allow you to connect with a community of other minority or women business owners and entrepreneurs. This community can help link you with potential opportunities or contracts, or simply support you as you navigate the journey of entrepreneurship.
  • Differentiate your brand: Seeking MWBE certification can help you differentiate your brand from other companies in your industry. MWBE certification is a powerful marketing tool that you can use to sell your brand’s story, whatever that may be. Additionally, MWBE certification can help you connect to the minority community with which you’re affiliated, and allow you to better tailor your products and messaging to your target audience.

If you’re looking for help getting your MWBE off the ground, reach out to Tenet Financial Group to explore your funding options. We offer flexible financing solutions for entrepreneurs looking to start their next venture, including Unsecured Lines of Credit, SBA loans and Self-Directed 401(k) Plans and more. Our consultative approach is focused on service and individualized attention to your specific goals and needs.