Women and Minority Business Enterprises in Construction Part 1
In the United States and beyond, the construction industry is growing at a rapid pace. New opportunities both in the public and private sectors are popping up and as we’ve mentioned previously, there’s a shortage of workers. This creates opportunities for women and minority-owned businesses who want to enter and achieve success in construction industry. One way to boost the profile of these businesses and enhance their opportunities for success is being certified as a Woman Business Enterprise (WBE) or a Minority Business Enterprise (MBE). It’s a detailed process, which we will discuss further in part two of this series, but our Sarasota construction attorneys can guide you through the process.
What is Considered a Woman Business Enterprise?
Requirements for being considered a WBE include:
- A woman must own at least 51 percent of the business.
- A woman must also hold the highest position at the company and be a part of the management and
- strategic planning of the company. For example, if you are a Sarasota construction attorney, you must be one of the primary decision makers at the firm.
- Must be a United States citizen.
What is Considered a Minority Business Enterprise?
Requirements for being considered a MBE include:
- A minority must own at least 51 percent of the business.
- Must be a United States citizen with at least 25 percent Asian-Indian, Asian-Pacific, Black, Hispanic, or
- Native American heritage.
- A minority must hold the highest position at the company and be a part of the management and strategic planning of the company.
Benefits of WBE or MBE Certification
The benefits of these certifications include:
- Access to bid opportunities: Certain government entities and large corporations have mandates that dictate the hiring of a percentage of WBE or MBE vendors.
- Enhanced opportunities to secure business loans: Certified companies can receive assistance when going through the loan process.
- Access to training: There are a number of conferences that provide outstanding training and networking opportunities, specifically geared towards WBE’s and MBE’s.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.