A minority business enterprise is a small business enterprise that one or more minorities own at least 51 percent. For publicly owned businesses, one or more minorities must own at least 51 percent of the stock classes and types and must control management and the daily business operations.
Minorities are classified as Asian, Indian, Pacific Islander, Black, Hispanic or Native American. Women and service-disabled veterans also qualify for certification. While MBE’s can be self-identified, many choose certification by a federal, state or city agency. Most minority business enterprises that seek certification do so through the National Minority Supplier Development Council.
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Related terms:minoritiesEqual Pay Act of 1963equal treatment