Business Development Resources for Minority Business Owners
We've collected a variety of business development resources for members and non-members to utilize in order to better understand the opportunities available to them. The resources below include information on how to get access to capital as well as important links to government portals to search for relevant RFPs, RFQs and RFIs for your business. We’ve also included some important market research and industry reports, as well as information on business planning templates, financial analysis tools, mentorship programs, and networking opportunities.
Utilizing these resources for minority business owners can help in identifying new opportunities, develop effective strategies, and overcome obstacles. They can also provide valuable insights and guidance for businesses that are just starting out or looking to expand.
The Council can be reached at:
65 West 36th Street
New York, NY, 10018
Phone number: 212 502 5663
Fax number: 212 502 5807
General Email address: firstname.lastname@example.org
For the email addresses of an individual team member, feel free to visit the Our Team page where you will find the email link below each person's name.
The Council, an affiliate of the NMSDC, is comprised of corporations, educational institutions, public agencies, and non-profit organizations dedicated to supplier diversity. One of the primary roles of the Council is to identify and certify bonafide MBEs for contracting opportunities with the membership and facilitate the growth and development of our suppliers. Our mission, vision, and commitment is developing and growing the Minority business community.
A minority-owned business enterprise (MBE) 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, Black, Hispanic, and Native American. Ownership by minority individuals means 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.
Only if you are a company owned by one or more of the ethnic groups below. We certify ethnic-owned companies based on their minority group. The Council definition of a minority-owned business, as adopted from the National Minority Supplier Development Council, is a company that has at least 51 percent ownership by a person or persons belonging to a minority group. Minority groups included in this definition are: Asian, Black, Hispanic, and Native American. For those women-owned businesses that do not meet our criteria, contact The Women’s Business Enterprise at www.wbenc.org
In order for minority businesses to be affiliated with The Council and be eligible for the many programs and services offered, it is necessary to complete the certification process. We offer a host of resources for minority business owners, a primary one being the relationships we help facilitate with our corporate members. MBE certification is one aspect (of many) Corporate America prefers. Once certified and part of the NMSDC Network, over two-thirds of minority business enterprises (MBEs) confirm business increases due to their partnership with the Council’s corporate members. In 2004 the largest U.S. corporations purchased more than $80 billion in goods and services supplied by MBEs. Corporations prefer to do business with certified MBEs.
MBE certification DOES NOT tag you as a small company, a less qualified company, enter you in a separate database, or preclude your bidding or seeking to gain entry to a supply chain. MBE certification enables our membership to track and ensure utilization of a diverse supplier pool.
State certifications are for pursuing and conducting business with various government entities: agencies, cities, counties, etc. The certification issued by The Council is primarily for the private sector. It is necessary to complete the certification process in order for minority businesses to be affiliated with The Council, have access to our members, and be eligible for the many programs and services we offer.
Fees are determined based on a sliding scale by Revenue and can be found here by scrolling down: https://nynjmsdc.org/get-certified/
The preferred method of completing the certification application is electronically and can be found here: https://affiliate.nmsdc.org/nynjmsdc
The four main steps involved with certification are:
- Complete certification application along with necessary documentation and fee
- Site visit of business location and interview of principal(s)
- Review for recommendation by the Certification Committee & vote
- Ratification by Board of Directors
It normally takes approximately 30 days if ALL requested information is submitted with the certification fee.
Yes! An applicant must be a U.S. citizen either by birth or naturalization. A permanent resident or green card holder does not qualify.
North American Industry Classification System (NAICS) is an industry classification system that groups establishments into industry sectors based on the activities in which they are primarily engaged. The NAICS is a comprehensive system covering the entire field of economic activities, producing and non-producing. This system replaces the former Standard Industrial Classification (SIC) designations. Corporate America and local, state, and federal government entities use NAICS codes. You are required to identify your businesses’ NAICS designation code. The NMSDC and corporate buying groups use NAICS codes to identify certified MBEs.
You may locate the NAICS code on the Internet at www.naics.com or at your local public library. Please contact us at email@example.com or call (212) 502-5663 for any other questions you may have.
Access To Capital
The NYNJMSDC has partnered with several financial service organizations to provide our certified suppliers with additional financing options for business growth. Please take a moment to review these business development resources for minority business owners, as we have multiple loan offerings and accounts receivable funding options available that can help your business continue to grow.
Business Consortium Fund
The Business Consortium Fund (“BCF”) is a non-profit 501( C ) 3 business development organization affiliated with the National Minority Supplier Development Council (“NMSDC”). The BCF is the only non-profit organization in the country focused exclusively on financing the growth and development of minority business enterprises that are suppliers to corporate America (“MBEs”). The BCF provides financing, business advisory services, and educational programs to promote the growth in size (revenues) and operational capacity of MBEs. BCF funding is usually provided during the critical early growth stage of an MBE’s business development, often providing the funding allowing the MBE to perform under their supplier contracts. The BCF will continuously improve and expand our programs, financing products, and services in order to meet the needs of today’s MBEs. BCF financing products and business support services are available to companies: (1) certified as minority-owned or minority-controlled by the NMSDC or one of its affiliated Regional Councils and (2) acting as a vendor or supplier to a national or local NMSDC corporate member, (3) At least 3 years in operation.
Trufund Financial Services, Inc. - New York
TruFund provides financing and business services to small businesses that cannot access affordable financing through traditional sources such as banks. TruFund offers these financing and business services across a wide range of industries and business types. TruFund’s financing products support small businesses in underserved, low-to-moderate income communities, as well as businesses owned by underrepresented or disadvantaged groups such as women and minorities. With loans typically ranging from $50k to $250k, TruFund’s small business borrowers have used loans in many ways to help sustain and expand their businesses. Just a few examples include applying the funding for contract mobilization, working capital, inventory and equipment, business expansion, or improving leased or owned space.
For more detailed information on TruFund’s small business financing options, please click on that link below or visit www.trufund.org.
From Our Partners
The following list contains links to RFPs, RFQs, RFIs, and other business opportunities available in The Council’s region. Use the links below to search by region and explore more.
New York Portals
New Jersey Portals
Unlocking Minority-Owned Business Contract Opportunities & More
Our extensive collection of tools are intended to support and direct minority business owners in their quest for success. In addition to providing useful information on market research, business development, and financial analysis tools, we are committed to placing you in situations where you can obtain minority-owned business contract opportunities.
Investigate our resources to get essential knowledge about locating, securing, and profiting from these contract opportunities. These resources, which offer insights, strategies, and avenues for success in a cutthroat market, can be a game-changer for businesses looking to get started or grow. With the NYNJMSDC's resources at your disposal, you’ll have more minority-owned business contract opportunities than ever before.