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Minority-owned Businesses with MBE Certifications in Kentucky get Special Funding and Benefits

Government programs are available for minority-owned businesses with an MBE certification in Kentucky. Obtain an MBE certification and benefit from business loans, investment capital, disaster assistance, surety bonds, special grants, commercial and federal contracts, business networks, and client databases by obtaining one of the following:

MBE (Minority-owned Business Enterprise)
MWBE (Minority/Women-owned Business Enterprise)
DBE (Disadvantaged Business Enterprise)
NMSDC (National Minority Supplier Development Council)

Over 4.7 million small businesses are owned and operated by women, minorities, and veterans—and are to thank for creating 4.7 million jobs within the last 10 years. Unfortunately, such small businesses face a layer of vulnerability obscure to their majority counterparts. Minority-owned businesses are much less likely to get contracts, loans, and on average, get half of what they otherwise would from lenders and investors. To stimulate the economy and help disadvantaged small businesses compete, the government is offering special programs to those that get certified in Kentucky. The programs are not designed to be charity, nor do they give minority-owned businesses special treatment; it is an attempt to level out the playing field by increasing visibility and the number of potential opportunities.

mbe-certification-Kentucky

How to get Minority-owned Business Certification in Kentucky?

To get a minority-owned business certification in Kentucky, you and your company or corporation must meet specific criteria and qualifications. First, your business must be at least 51% owned, managed, and operated by minority group members of U.S. citizenry and have good moral character. The company, corporation, partnership, sole proprietorship, or franchise must be for-profit and located in the U.S. or its trust territories.

How to register as a minority-owned business?

To register as a minority-owned business and obtain an MBE certification in Kentucky, you can start the process today by filling our online form or by calling (800) 603-3900. Applying for an MBE certification is a legal process; our in-house lawyers can help you meet the certification criteria and qualify for the special funding and benefits it provides. Please note that a minority-owned business MBE certification includes legal documents such as the articles of incorporation or certificate of organization, stock certificates, company minutes, operating agreements, and corporate bylaws, among other records. Our law firm helps minority-owned businesses incorporate, litigate, and satisfy government guidelines, giving you a fair chance to grow into a profitable and sustainable entity. Utilize our arsenal of legal and business abilities to your full advantage. Call us for a free consultation now!

Company records book and seal are important in obtaining your MBE certification. If you’ve lost your corporate kit, we can help you replace it when processing your application.

Kentucky MBE Certification Benefits

The MBE certification benefits minority-owned entities in Kentucky by enabling access to many business opportunities and connections, such as:

Prospective Buyers

Government Agencies

Procurement Professionals

Capital Funders

Supplier Databases

Commercial Contracts

Federal Contracts

Technical Assistance

Leadership Tools

Technology Programs

Educational Programs

Affordable Consulting

Networking Opportunities

Exposure to other MBE’s

Partnership Opportunities

Business Opportunity Exchange

Annual Golf Tournament

Business Alliance Forum

MBE Annual Business Meeting

MBE Tax Benefits

As an MBE-certified minority-owned business, you don’t receive any special federal tax breaks or incentives. However, you can receive tax benefits for working with other MBE’s and those that operate in low-income areas in Kentucky. You can also get tax relief from establishing your business in specific zones or locations. Also, entities of certain types may be eligible for tax credits and programs to promote economic development in disadvantaged markets and industries.

Minority-owned Kentucky Businesses MBE Certification Checklist

The MBE certification checklist below will give you a general guideline on the process of this effort:

☑ Review Criteria for Certification.
☑ Gather Personal and Business Documentation.
☑ Complete the Online Form.
☑ Application Review for Accuracy.
☑ Legal Advice from Our Lawyers.
☑ Application Review by Authorities.
☑ Final approval.

SUBMIT DETAILS AND GET OUR ATTORNEYS TO CALL YOU

* Please give our attorneys up to 4 business hours to call your phone. Thank you.

Minority Loan Programs

You can find several potential loan options for minority-owned businesses that obtain the MBE certification in Kentucky, including:

SBA (7) Loans – Up to $5M
SBA Community Advantage Loans – Up to $250,000
SBA Microloan Program – Up to $50,000
Union Bank Business Diversity Lending Program – Up to $2.5M
Business Center for New Americans – $500 to $50,000
Business Consortium Fund Loan – $500 to $50,000

How to apply for a minority business grant?

There are grant opportunities for minority-owned small businesses that you can find online after obtaining your MBE certification, among those are:

Grants.gov
Small Business Innovation Research (SBIR)
USDA Rural Business & Waste Disposal Grants
Minority Business Development Agency (MBDA)
The National Association for the Self-Employed (NASE)
Asian Women Giving Circle Grants

Kentucky MBE Certification Requirements

The requirements for an MBE certification include:

Meeting the Certification Criteria

United States Citizen.
Minority-owned businesses must be at least 51% owned and operated by minorities.
Must be a for-profit entity.
Must be located in the United States or its Trust Territories.

Requirements for All Businesses

Driver’s License
Proof of U.S. Citizenship
Two Years of Federal Tax Returns
Current Financial Statements
Applicable Business Licenses
Business Lease Agreements
Proof of EIN

Requirements for Corporations

Articles of Incorporation
Corporate Bylaws
Corporate Minutes
Stock Certificates

Requirements for LLC’s

Certificate of Organization
Operating Agreement
Company Minutes
Ownership Certificates

The development of your minority-owned business or agency

At Spiegel & Utrera, P.A., we have been committed for decades to providing minority-owned businesses affordable business formation with complete records book and seal, experienced legal and business counsel, and written agreements. We’re open Monday to Friday from 8:30 am to 5:30 pm. Feel free to give us a call at (800) 603-3900 with any business or legal questions; we’re happy to help your MBE-certified business get to the next level.