Q: So how exactly does a minority-owned business become qualified for certification like a minority company (MBE) within the Condition of Maryland?
A: A minority-owned business seeking certification being an MBE within the Condition of Maryland must affect Maryland’s Office of Minority Company. To become qualified, the MBE must demonstrate it meets certain needs concerning group membership, business size, possession and control. The MBE must have the ability to demonstrate the company is independent and a minimum of 51% of a minority. The minority owner should have the ability to direct, or make the direction of, the management and policies from the business making daily decisions in addition to lengthy term business decisions concerning matters of management, policy and processes. The minority proprietors should also submit an individual internet worth statement.
The MBE must show the company isn’t susceptible to formal or informal limitations to limit the customary discretion from the minority owner. The MBE must demonstrate that it’s a small company underneath the federal Small Company Act (Small business administration). Certification of the minority-owned business being an MBE could be a viable tool for developing and looking after business relationships. A minority-owned business desiring certification being an MBE within the Condition of Maryland should consider acquiring legal counsel concerning eligibility needs for MBE certification just before trying to get the certification.