What are the benefits of being MWBE certified? How can you take advantage of being certified under any of these programs? The MWBE (Minority and Women-Owned Business Enterprises) has been established and many large construction companies are setting huge goals in terms of the amount of MWBE firms that they need to hire. First, let's make sure we all understand what MWBE really is and what benefits MWBE certified firms are entitled to.
What Are MWBE and Who Can Be Certified?
MWBE stands for Minority and Woman Business Enterprise and is related to for-profit organizations located in the United States or one of its territories. MWBE organizations are controlled by minorities or woman whose participation and/or ownership is at a minimum 51 percent and when dealing with public-owned organizations, the minority stakeholders must control at least 51 percent of the stocks. Minority groups Minority group members are United States citizens who are Black, Asian, Native Americans and/or Hispanics. It is important to note that also the organization is controlled and managed by one or more minority individuals that take care of management, policies, major decisions and daily business operations.
What Type of Benefits Does MWBE Organizations Receive?
MWBE certified organizations will certainly have added benefits and value because of their certification.
Companies who are certified under the WBE or MBE receive purchasing opportunities from larger companies as they enter into contract negotiations with the government and other entities that require certain participation from MWBE businesses. Recently, many private companies are being more aggressive in meeting their goals in respect to MWBE's participation.
Companies that obtain one of these certifications will receive plenty of benefits including but not limited to:
- Access to bid opportunities listed by the certifying authority. In the same way, your company will be listed as MWBE receiving additional bid participation.
- Hiring opportunities by larger construction companies that are asked to meet certain criteria mandated by law.
- Loan opportunities that will secure your funding or provide with initial funds to set up your business and get your organization some starting resources.
- Access to conferences, training sessions and matchmaking meetings that companies use to sell their products to larger corporations. Sometimes, governmental organizations will create these events so they can match buyers and sellers while providing additional networking opportunities.
- Training and education services are offered only to MWBE organizations, enhancing the value of your business and getting your team more prepared in certain development areas.
- Certified construction companies obtain credibility and good standing certification knowing that your company has the legal, economic and procedural framework required under this certification. The chance of being of being hired increases as the company knows your paperwork is up to date.
