In most cases, having at least 51 percent minority ownership and a minority owner active in daily operations qualifies a business as minority-owned. Specific qualification requirements will vary based on which of several organizations are issuing the minority-owned certification. Being certified as minority-owned can give business access to federal, state, local and corporate contracts that are reserved for minority-owned businesses.
Organizations that offer minority-owned business certification include the Small Business Administration, the National Minority Supplier Development Council (NMSDC), the U.S. Department of Transportation’s Disadvantaged Business Enterprise program and state and local government programs. In the case of NMSDC and other organizations, an individual owner must be at least 25% Asian-Indian, Asian-Pacific, Black, Hispanic or Native American to qualify as a minority owner.
M&T Bank is proud to back the dreams of multicultural entrepreneurs. We can help you access loans for operational expenses, acquisitions, new construction, equipment purchases and much more, and we feature an unbiased underwriting process. We’ll help you find the most affordable financing solution for your unique circumstance. And we can work with you to structure your loan for the best chance of approval.