Page 33 - BusinessWest April 1, 2024

Navigating the Process
How to Earn Women- and Minority-owned Business Certification
BY JENNIFER SHARROW, ESQ.
Women- and minority-owned businesses play a vital role
in our local economies. They also play a larger role within communities in general — they serve as gathering places, education centers, and inspiration for future generations of entrepreneurs.
But, much like they represent our community, often largely by reason of the makeup of their ownership, they face challenges of historic and continuing discrimination. This can result in issues with access to capital, less favorable terms in negotiating contracts, and challenges finding suitable office or commercial spaces.
Formal certification as a woman- and/or minority-owned busi- ness can help alleviate some of those burdens. There are a number of different organizations that provide this certification. The state of Massachusetts has the Supplier Diversity Office; the U.S. Small Business Administration has the 8(a) Business Development Pro- gram and the Women-owned Small Business Federal Contract Program; and there are a number of private groups that issue certi- fications and provide other support, such as the Women’s Business Enterprise National Council and the National Minority Supplier Development Council.
Getting certified brings new opportunities from federal agen- cies, state and local governments, and certain large corporations, who often designate a percentage of contracts for certified women- and minority-owned small businesses. Certification may open up access to exclusive networking, training, and educational programs for business owners. Certification may also increase eligibility
for loans, grants, and programs specifically designated for certi-
fied entrepreneurs, such as management and technical-assistance programs.
All certification programs contain similar requirements, and if you’re an owner looking to get certified, you will want to start gath- ering information about the business, information about you, and information about the ways that you lead the business.
The Business
This will include standard documentation that the business is legally operating in good standing. Typical documents submitted about the business include formation documents filed with the sec- retary of State, governing documents such as the bylaws, financial records, and copies of lease agreements and customer contracts.
It is possible for a newly formed business to get certified, and where certain documentation is unavailable, such as tax returns, the certifying program will generally accept replacement documen- tation or narrative answers about the business operations.
You as an Owner
This will include proof of ownership of the business, such as stock certificates or the operating agreement, showing that the business is at least 51% women- or minority-owned. Additionally, the owner will need to submit personal information in the form of a photo ID, evidence
of citizenship, and a
résumé.
Certify
“Our women- and minority-owned businesses
are already
proud of their accomplishments, and now more than ever they deserve to celebrate their status.”
>>
Continued on page 34
grenierfinancial.com | Fax: 413 731 7268
Life’s a Journey.
Let us walk the road with you. It’s what we do.
Pat Grenier, Principal
RR, CFP®, MBA
[email protected]
MA One Monarch Place, Suite 810 Springfield, MA 01144
413 736 6712
CT 265 Main Street Wethersfield, CT 06109
860 721 7880
Securities and advisory services offered through Cadaret Grant & Co., Inc., an SEC Registered Investment Adviser and member FINRA/SIPC. Grenier Financial Advisors and Cadaret Grant are separate entities.
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