The number of minority-owned businesses in the United States has been increasing steadily since 2002, more than doubling in the decade between 2002 and 2012. According to data from the U.S. Census Bureau, minorities owned just shy of 1 million U.S. businesses in 2015 — a number that’s expected to grow as the nation’s population demographics continue to shift. What’s more, in response to the increased number of small minority-owned businesses in the U.S., the number of programs that work with minority entrepreneurs to help them succeed is increasing as well. One of the largest of these is the National Minority Supplier Development Council or NMSDC.
About the National Minority Supplier Development Council
The National Minority Supplier Development Council is a corporate membership organization that connects NMSDC-certified minority-owned businesses with corporate members in a wide range of industries. With over 1,450 current members, including a wide array of public and privately owned companies, colleges and universities, the organization offers minority entrepreneurs the opportunity to market their products to a large, diverse, and highly interested audience. The Council also offers a number of business resources and funding opportunities, including:
- The Business Consortium Fund — the country’s largest and most comprehensive source for financing and business development support for certified minority-owned businesses.
- The Growth Initiative — a special category of MBE certification offered through the NMSDC that lets minority business owners access private equity capital while maintaining the operational control necessary to retain MBE certification.
- Corporate Plus — a program for NMSDC-certified minority owned businesses who have demonstrated the ability to execute national contracts for major corporations. MBE members are nominated for the designation by corporate members who wish to recognize their achievements and help their businesses reach national prominence.
National Minority Supplier Development Council Certification
To be certified as a NMSDC minority business, you must meet the following criteria:
- You must be a US citizen
- The business must be at least 51 percent owned, operated and controlled by a member of a recognized minority. For the NMSDC program, that means the person is at least 25 percent Asian, Black, Hispanic or Native American.
- The business must be a for-profit entity and physically located in the United States
- The daily management and operation of the business must be controlled by the minority owner(s).
Additionally, you will need to submit appropriate documentation, which may include items such as financial statements, business leases or security deeds, proof of insurance, resumes of company principle(s), proof of citizenship, etc. If your company is incorporated, you will also need to submit the Certificate of Incorporation, Articles of Incorporation, company by-laws, etc.
Applications can be submitted online. However, the certification process will include additional screening, including personal interviews and site visits, and generally takes up to 90 days to complete. Once certified, your business will be eligible to subscribe to one of the NMSDC regional affiliates and enjoy additional services unique to your local market (additional fee required).
About The Carmoon Group
The Carmoon Group Ltd. is a minority-owned insurance brokerage headquartered in Hicksville, New York. Through our large network of nationwide affiliates, we offer risk management solutions and comprehensive insurance programs for businesses in a wide range of industries. We have the expertise and experience to provide you optimal coverage at the best possible price. So why not give us a call today to set up an appointment for your insurance review? Or if you prefer, just reach out online and we’ll get back to you at a convenient time.