Minority Business Enterprise Certification is provided by the concerned ‘Minority Business Enterprise’ wing of ‘Arkansas Economic Development Commission’ under Act 1456 of 2003. The Act was made for creating the required rule structure for the said minority business enterprise certification.
Glossary Pertaining to Minority Business Enterprise Certification Program
Minority Business Enterprise: An independent business enterprise where 51% or more of the ownership stake belongs to the individual owner or owners from minorities
Minority: It refers to a person who is lawfully a permanent resident of Arkansas. He can be an African American, a Pacific Islander, a Hispanic American or someone from Asia or an American Indian
Eligibility for Obtaining Minority Business Enterprise Certification
To be eligible for the Minority Business Enterprise Certification the applicants need to fulfill certain conditions.
These are the following:
They need to be registered Arkansas Businesses with proper documents. They have to show proper papers to support their claim of being a Minority Business Enterprise
The annual revenue figure of the firm should be within $10,000,000
They must have the legal permission to conduct business activity in USA, particularly in Arkansas
The firm owner or owners need to be a permanent resident(s) of Arkansas
Application Procedure for Minority Business Enterprise Certification
Applicants need to fill up required forms and submit it to the division of the minority business enterprise under the Arkansas Economic Development Commission. The commission reviews the submitted documents, cross checks the given references and at times arranges for pre-certification meetings or on site visits.
A host of documents are subject to detailed examination which include :
Articles of Incorporation
Partnership Agreements and the like
Check list of documents needed for Minority Business Enterprise Certification
The documents needed for the purpose are the following:
The filled up application form
Partnership agreement or operating agreement for businesses which have multiple owners
A transcript of the Articles of Incorporation
Transcript of professional license
Bank signature card transcript
Federal Tax Identification Number
Transcript of insurance
Validation of both federal and state income tax returns for the last 3 years both for the personal and business category.
Transcript of Birth Certificate or Tribal Card or Passport or Green Card of the applicant(s)
Transcript(s) of the CVs of the entrepreneur(s)