A minority-owned business or minority business enterprise is a company or business with 51% stakes controlled, owned and operated by at least one ethnic minority and/or military veteran and/or gender (owned by a woman or women). They comprise Hispanic Americans, African Americans, Native Americans (Aleuts), Asian Americans and Service-Disabled Veterans dubbed DVBE or SDVBE.
Over 4.1 million companies, according to the U.S Small Business Administration, are owned by minorities, translating to about $700 billion in generated revenues. Minority-owned businesses are certified by state, city or federal agencies although they are self-identifiable. CNFMSDC links minority-owned businesses to corporate America such as Government Agencies, Fortune 1000 companies and Educational organizations.
Being a certified minority business owner isn’t just good, but comes with a range of benefits. Before looking into the benefits of having a certified minority-owned enterprise, here are some common business types owned by minorities.