If you considering a MBE Designation through the SRMSDC, you may have some questions about MBE status is best for your business. We’ve compiled a list of frequently asked questions about MBE certification and corporate membership as they pertain to the Southern Region Minority Supplier Development Council.
Annual fees for MBE Corporate Subscription Services are $550.00.
Cost savings as opposed to purchases of services mentioned above individually.
Comparatively, the individual cost of the subscription services is more than $3,000 a year.
The acronym “MBE” stands for minority business enterprise, and in plain English refers to any business that is owned and operated by an ethnic minority. A minority-owned business is a for-profit enterprise, regardless of size, physically located in the United States or its trust territories, which is owned, operated and controlled by minority group members. “Minority group members” are United States citizens who are Asian, Asian-Indian, Black, Hispanic, or Native American. Ownership by minority individuals means that the business is at least 51% owned by such individuals or, in the case of a publicly owned business, at least 51% of the stock is owned by one or more such individuals. Further, those minority group members control the management and daily operations.
For minority businesses to be affiliated with the SRMSDC and have access to our corporate members and to be eligible for the many programs and services offered, it is necessary to complete the MBE designation process. In 2004, the many of America’s largest companies purchased more than $80 billion in goods and services from ethnic minority businesses.
State certifications are for pursuing and conducting business with various government entities: agencies, cities, counties, etc. The MBE designation with the SRMSDC is for doing business with corporate America.
The National Minority Supplier Development Council (NMSDC) is our parent organization, chartered in 1972 to provide a direct link between corporate America and minority-owned businesses. In the United States, the NMSDC network consists of 24 regional councils servicing their respective local territories.
The subscription service grants a Certified MBEs from a region outside of the SRMSDC’s territory access to the regional resources of the SRMSDC.