Growing Your Business and Your Bottom Line Through Minority Certification

Are you leaving money on the table? If you are a business owner who is a woman or a member of a minority and you have not become certified as a Minority or Women-Owned Business Enterprise (known as M/WBE), you may be missing out on opportunities.

Reasons to Become Certified

Why do you need certification? Well, maybe you don't. Certification lets others know that your company is what you say it is-a minority and/or women-owned business. Chances are your average customer is not going to ask you for certification. Certification is required, however, when you want to do business with companies or government agencies that have supplier diversity programs and want to ensure a level playing field for women, minority, or disabled-veteran owned businesses. While you may not have considered this as an avenue for your business, you will want to be ready to seize an opportunity, should one arise.

M/WBE Certification will also give you the ability to expose your business to potential customers that you may not have considered nor had access to before. Many of the qualifying agencies create meet-and-greet opportunities, directories and notify you of upcoming opportunities. This alone makes the sacrifice of time and minimal fees, when going through the certification process, well worth it.

Certification Requirements

In order to be eligible for certification, the basic requirements are:

" The business must be at least 51 percent owned, controlled and actively managed by minority group members (Native American, Black, Hispanic, Asian- Indian, Asian-Pacific, Aleut, Eskimo, or Native Hawaiian)

" In business for at least one year

How long is my certification valid?

Recertification practices, as well as fees, vary according to the certifying agency. For example, the state of New Jersey requires recertification upon your one-year anniversary. However after that first recertification, your status is valid for five years provided you submit your supporting documentation by your anniversary date each year.

Certifying Agencies

Choosing a certifying agency should depend upon your type of business and the opportunities you want to seek. Your city and state government offices have certification processes, help and opportunities. There are a myriad of other agencies as well such as the NY/NJ Supplier Development Council (formerly known as the NY/NJ Purchasing Council). As per their website, "The Council strives to expand business opportunities for minority-owned suppliers by linking them with purchasers in the public and private sector. As an advocate for both its suppliers and corporate members, The Council fosters relationships between corporate decision makers and targeted minority suppliers." 
Are All Certifications Recognized By All Agencies And Companies Seeking M/WBEs?

With all these certifying agencies, you may want to know if all agencies and companies recognize all certifications. The short answer is not necessarily. You must check with the requesting agency or company.

For example, in New York there is an agreement between the NYC Department of Small Business Services and The NY/NJ Minority Supplier Development council called the New York City Fast Track Certification

As posted on their website, "The New York & New Jersey Minority Supplier Development Council, Inc. ("The Council") and the New York City Department of Small Business Services (SBS) are now promoting "Fast Track certifications" that will enable Council-certified suppliers to increase their contracting opportunities in the public sector. The City and The Council signed a Memorandum of Understanding (MOU) in an effort to increase the certification of minority-owned businesses. Under the agreement, businesses certified by The Council as a Minority-Owned Business Enterprise (MBE) will receive expedited approval of their certification applications with the City... Council-certified suppliers will have greater access to contracting opportunities, better preparation to compete for City contracts, and extra navigation in the public procurement process. "

This partnership is great news for a small business looking to expand its opportunities. Many such opportunities exist, but be sure to ask the certifying agency where the certification will be recognized and question the companies providing opportunities what certifications will be accepted. Be sure to do this before making a commitment to become certified with any agency as many fees, if required, are not refundable.

Getting Help

The process of applying for M/WBE Certification may be daunting for some. It may require more focus and time than you are able to spare, but don't give up. There is a tremendous amount of assistance available for you on both a free or fee basis. Each agency provides its own sources of assistance. In New York City at the official website, http://www.nyc.gov, you can find applications, help documents, email addresses and contact numbers for assistance. They also provide monthly training seminars where you can get help from trained certification specialists for free. 
To get help and information on M/WBE certification in your locale, begin with your city and state government. Check their websites or call for help. Your local libraries will be able to assist as well. The internet is a cornucopia of information. Use any of the various search engines such as Google (www.google.com) and Yahoo (www.yahoo.com). Changing the word phrases as you search, i.e. minority certification, mbe agencies, or minority business opportunities, will pull up different results giving you a wider array of information. 
There are also tremendous local organizations that are ready and willing to give you assistance. Begin with the Small Business Administration and their local arms known as SBDCs or Small Business Development Centers, often times located within the city colleges (http://www.sba.gov/localresources/index.html). Your local library is a tremendous resource as well.

There are times when all you need is someone to pull you through the process. An executive, administrative or virtual (remote) assistant can work wonders in this area, from researching the qualifying agencies and fees to helping you to complete each step of the application. Choose someone thorough and detailed because a detained application can cost you time, money and missed opportunity.

If you are qualified for certification and you don't get this done you've left money on the table, possibly thousands of dollars or more. Can you afford not to become M/WBE Certified?

Written by The Vteam, Kamau Austin, publisher (c) 2007.

About the Publisher of Minority Business Financing

Minority Business Financing is Published by Kamau Austin. Austin is a published author in the field of business financing. 

Also Kamau is a popular Blogger, Writer, and Internet Marketing Professional helping small businesses grow more profitable businesses online. If you need web design, blogging, search engine or social media promotion contact him at Search Engine Plan

Kamau's Qu!ps reaches over 30,000 web users a month through it's Blog and Social Media Promotions. For Advertising Opportunities visit our Advertising Page

Grow Your Business with a Line of Credit

If you think you can't get funding for your business, think again. Many small businesses need only small sums of money to get moving or continue operation for things like meeting payroll, upgrading a website or much needed technology.

Having a line of credit would be a perfect solution for these challenges. But very often when it comes to asking for help, small business owners count themselves out of the game before they even try. A line of credit could put you on the road to fluid cash and success sooner than you think.

What Is A Line Of Credit?

Small business credit line financing, also called an operating loan, provides a business with money to cover day-to-day expenses. As funds are used, the established credit line is reduced. Once approved, you can access your revolving line of credit with a quick phone call or provided checks.

Where To Find One

Did you know you could qualify for an SBA Express Loan line of credit through your local bank? The Small Business Administration (SBA) offers promising businesses that might not otherwise qualify for business loans the chance to get the money they need to make their business continue to succeed. The loans are obtained with no collateral and minimal paperwork. Within 36 hours, you will know if you qualify.

Real Results

Gayle Naftaly, owner of Access Office (www.accessoffice.net) wanted to grow her business support company by developing a new logo, website and marketing materials. She was surprised to find out how easy it was to receive a line of credit at her local bank. She says that a good credit score was all she needed, and after just a few days she had the money she needed. "Business has tripled in gross sales since then with more clients, bigger clients and I now have better cash flow" says Ms. Naftaly. 

What makes a line of credit great is that it stays with you. It is something you use on an as-needed basis. As Ms. Naftaly says, "If you can manage money, a line of credit will definitely help you grow your business. You use it, replenish it and use it again."

Getting Help

Did you know that there are organizations dedicated to helping you succeed and can help you to obtain a line of credit? And yet most business owners, mired in the day-to-day activities of running a business, are not even aware of their existence.

One such organization is ACCION. According to ACCION's New York branch, "ACCION New York contributes to the economic development of the New York metropolitan region by providing microloans and business advisory services to individuals and small businesses that do not have access to traditional sources of credit."

On their website, http://www.accionnewyork.org , you can read about their mission, success stories and get contact information. ACCION has offices in various US locations as well as worldwide.

How To Improve Your Credit Rating

If you cannot qualify for a line of credit due to poor credit history, there is hope. Begin with cleaning up your current credit. Negotiate rates and payment plans with each credit entity.

Soon you will receive offers for credit cards, possibly secured. Get one and always pay on time--always means always. Pay as much above the minimum as possible. 

Soon you will find your FICO score (standard measure of credit worthiness) rising and it won't be long before you can have access to an SBA Express Loan or line of credit.

Getting a line of credit should be an easy part of your business growth plan.

Written by The Vteam, Kamau Austin, publisher (c) 2007 - 2016.

About the Publisher of Minority Business Financing

Minority Business Financing is Published by Kamau Austin.  Kamau is a published author in the field of business finance.

Kamau is also a popular Blogger, Writer, and Internet Marketing Professional helping small businesses grow more profitable businesses online. If you need web design, blogging, search engine or social media promotion contact him at Search Engine Plan

Kamau's Qu!ps reaches over 30,000 web users a month through it's Blog and Social Media Promotions. For Advertising Opportunities visit our Advertising Page

Do You Have to Have Money to Make Money?

An almost universal axiom we hear many business people say is "you have to have money to make money."  But is this true?  I'd say both yes and no.

If you have vision, expertise, inside information, insightful education, passion, and a host of other factors you can definitely make money without money (or capital).  If you have a good product, service, or even idea money will be drawn to you.  I have personally done this my business career.

At some point you have to invest money to make money. You can start a business with no money and sell to generate money.

However for the business to expand you will have to invest money into it. I think that's the stage beyond metaphysis that people are alluding to with that statement "it takes money to make money."

Things start with an idea and at some point needs capital. The best ideas need the most capital to reach their potential. That's why we have capital markets.Google was a great idea expressed in a college term paper. The founders created it on stage servers. The idea got some seed capital from angel investors/venture capitalists. They started selling ads and data. They grew extremely fast and eventually did an IPO. 

As a person who has started two businesses with no money using free library computers paying me more than my old corporate jobs I understand both sides. On the other side people I do see people who hold themselves back doing business because they don't want to invest in marketing, staff, etc being tight wads.

The people I've seen running successful businesses are very cautious with how they spend money but once they see how a ROI will come thru they will invest money to make money. But I understand knowledge and contacts can help you overcome the lack of capital problem.

About the Publisher of Minority Business Financing

Minority Business Financing is Published by Kamau Austin. Kamau is a popular Blogger, Writer, and Internet Marketing Professional helping small businesses grow more profitable businesses online. If you need web design, blogging, search engine or social media promotion contact him at Search Engine Plan

Kamau's Qu!ps reaches over 30,000 web users a month through it's Blog and Social Media Promotions. For Advertising Opportunities visit our Advertising Page