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.