Business · September 22, 2022

How To Apply For Minority Business

How To Apply For Minority Business – The city’s certification programs include the Minority and Women-Owned Business Enterprise (M/WBE) Program, the Emerging Business Enterprise (EBE) Program, and the Local Business Enterprise (LBE) Program. We certify, promote and encourage the growth of the City’s M/WBE and eligible small building and construction businesses.

The city spends up to $17 billion a year on goods and services. Getting certified will help you compete for these opportunities and access exclusive programs to help your small business grow.

How To Apply For Minority Business

How To Apply For Minority Business

More than 10,000 businesses currently benefit from New York City certification, and the City has committed to award $25 billion in City contracts to M/WBE by the end of fiscal year 2025.

How Do I Qualify As A Minority Owned Business Enterprise (mbe)?

Select an image below to learn more and apply for city certification in one of the following categories:

Get M/WBE and/or LBE certified faster with New York if you are already certified with our partners:

NYC invites eligible LGBTBEs certified by the National Gay and Lesbian Chamber of Commerce (NGLCC) to apply for the M/WBE and EBE certification programs. LGBTE must meet legal eligibility criteria for these programs. To take advantage of this partnership, LGBTEs should contact NGLCC and request that their information be shared with SBS. LGBTQ-owned businesses that are not NGLCC certified can also apply for NYC certification using the standard application in SBS Connect.

Learn more about the City’s efforts to ensure minority businesses and women have greater access to public contracting opportunities. The fourth edition of the Economic Opportunity Lab, CUF’s series highlighting innovative policies from other cities and states that are helping to create a more inclusive economy. profiles Minority Business Accelerator of Cincinnati. If replicated in New York, it could help small businesses grow and contribute to a fairer economy in the long run.

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New York City’s 64,500 employer businesses are already vital engines of the city’s economy. But there is a huge untapped opportunity to help more of these predominantly minority-owned small businesses grow into medium- and large-sized businesses, a prospect that, if realized, will build generational wealth in communities of color, create more good jobs places for New. Yorkers of color and contribute to a fairer economy in the long run.

City leaders should look to an innovative program in Cincinnati, the Minority Business Accelerator (CMBA), that helps do just that. Since 2003, CMBA has worked to help more than 70 minority-owned small businesses scale by providing them with strong individualized business strategy and support, access to capital for expansion financing and, perhaps most importantly, commitments from large companies in the region. to direct significantly more procurement dollars their way. Although the program worked with a relatively small number of minority-owned businesses, it is a deliberate part of the strategy: the idea is not to help every small business develop a growth strategy, but to identify established minority-owned businesses that are already ready to growth – but which may not realize that promise without these strategic interventions.

This multifaceted approach has generated results, launching many minority-owned small businesses into an entirely different echelon. Since CMBA’s inception in 2003, the Accelerator has helped portfolio firms generate more than $1.2 billion in total annual revenue. These companies have created about 3,500 jobs since joining the program and expect to add another 3,000 jobs over the next five to seven years.

How To Apply For Minority Business

This model shows significant promise for replication in New York, where minority-owned firms experience wide disparities in income, employment, and access to corporate procurement and supplier opportunities. The average minority-owned employer business in the city generates less than half the revenue — 45 percent — of the average white-owned employer business, making the businesses less able to hire and grow, and more likely to be vulnerable to a financial shock. like the current COVID-fueled economic crisis.

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By working to close these income and employee gaps, New York City can help spur thousands of local employment opportunities and channel billions of dollars in new spending into communities of color. Based on our analysis, increasing the average number of employees at minority-owned employer firms (6.9) to match the average of white-owned firms (11.9) would create 325,819 jobs, while increasing the average revenue of minority-owned employer firms ($1.07 million) to match the average of white-owned firms ($2.22 million) would generate more than $63 billion in additional annual revenue for New York’s minority businesses .

Realizing this opportunity will require new investment that New York has historically lacked: a major citywide effort focused specifically on helping minority-owned businesses break into private sector supply chains and take their businesses to the next level . New York is already home to a number of strong small business assistance organizations that would be essential partners in replicating the minority business accelerator model, including county-based chambers of commerce, community development financial institutions (CDFIs), development corporations community and minority entrepreneurship programs operated by the Department of Small Business Services (SBS), city public libraries and more. But much of the existing funding and programming to help small businesses in the city is focused on getting started and surviving; by comparison, the opportunity to help replenish more of the city’s growth-oriented minority-owned businesses remains largely untapped. With top-level leadership and support from the city’s business community, Mayor Eric Adams can bring these organizations together with leading private sector firms to form New York’s minority business accelerator, drawing on lessons learned from Cincinnati to help dramatically increase incomes and jobs among thousands of minority-owned employer firms across the city poised for growth.

In 2001, Cincinnati police killed Timothy Thomas, an unarmed 19-year-old black man. In the following years, a citizen panel called Cincinnati Community Action now issued recommendations to study and address racial disparities in the region, which were considered the root causes of the social unrest that spread throughout the city after the death. The Minority Business Accelerator was originally born out of a recommendation to focus on expanding economic opportunities for Cincinnati’s black community.

The idea was that by investing in growing black and other minority-owned businesses and helping them grow into larger firms, these businesses would be more likely to create jobs for residents of the city’s majority-minority communities, which have long experienced high rates of foreclosure. of unemployment. , and sent ripples of additional spending and investment across the region.

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“I just have to have in my mind this more intentional and quite frankly, unapologetic focus on scale,” says Darrin Redus, CEO of Accelerator. “Growing more minority-owned businesses is not a zero-sum game. You create businesses that create jobs for all citizens. It is an economic upliftment of the region as a whole.”

The Minority Business Accelerator provides their portfolio companies with support to refine business strategies, access capital and connect with major corporations in the region. According to Redus, portfolio firms are required to have annual sales of at least $1 million, a business-to-business or business-to-government revenue model, a desire to scale to the next level, and growth potential over the next two to five years . The accelerator has a two-pronged strategy: It supports portfolio companies through coaching, providing them with business assessment, capital readiness support and strategic planning, and then connects them with large corporations, called “goal setters,” who want to grow their share of the spend. of their firm for products and services provided by minority-owned businesses.

Critical to CMBA’s success is this engagement with – and buy-in from – major corporations operating in the region. “That alignment and those strategic introductions and their connection to the corporate community is really part of what’s helped them catapult so many of these minority businesses from million-dollar-a-year revenue to the next level,” says Joanne Spiritus. , a managing associate with Next Street, a small business advisory firm, worked with the Cincinnati Minority Business Accelerator to develop a “playbook” to codify its strategy and understand what made the model successful in order to increase impact with adopting a model for other cities and regions.

How To Apply For Minority Business

While Cincinnati’s city government has been very supportive of the Accelerator, support from the region’s business community has been critical to the program’s success. Those involved in the program credit some of its effectiveness to its proximity to the region’s business leaders. Being housed in the Cincinnati Regional Chamber of Commerce, the Accelerator team has a seat at the table among the region’s leading employers and enjoys access and credibility among local corporate and government leaders that may not be as readily available in another setting.

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“When I think about policy, so much of it is that we have to do a better job, in my mind, of setting more intentional goals for more inclusive outcomes,” Redus says. In the wake of the murders of George Floyd and Breonna Taylor, the growing movement for racial justice, and the uneven impact of COVID-19 on communities of color nationwide, a growing number of cities are turning to this model as part of developing a substantive policy response. To date, 29 cities across the country have approached Cincinnati and the Accelerator in search of a functional model that focuses on helping Black

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