Understanding a Minority Business Enterprise in Maryland
A minority business enterprise is a company that is owned by an American citizen who is also a minority (African American, Native American, Asian American, Hispanic American). The individual must own at least 51% of the company for it to qualify as a minority business enterprise. The following are just a few of the commitments a company must make to be certified with the Minority Business Enterprise in Maryland:
- They allow their minimum participation amount to be established by the county.
- They must supply the correct information to the County’s Office, which includes a disclosure and participation statement, fair solicitation and certified utilization affidavit, participation form, outreach efforts, and subcontractor unavailable certificates.
- They must keep records to prove compliance. Records include prime contractor reports, non-minority contractor reports, documentation of correspondence, and the types of work that is being done. These records must be kept for three years after expiration.
- They must be open to investigation when the County suspects that they may not be working in compliance with the outlined requirements.
- They must get approval if they make any changes to their contract.
Whether you have never realized that you are a Minority Business Enterprise in Maryland and are just now considering applying, or if you are up for renewal, be sure that you understand all of the requirements so that you can have the most success in your business.