An enterprise is considered to be a business primarily owned and operated by individuals belonging to a recognized minority group. These groups often include, but are not limited to, African Americans, Hispanic Americans, Asian Americans, Native Americans, and Pacific Islanders. Ownership generally necessitates that the individual or group controls at least 51% of the business. For example, a tech startup where 60% of the shares are held by a person of Hispanic descent, who also actively manages the company’s operations, would typically qualify.
The existence and support of such enterprises are vital for fostering economic equity and inclusivity. They contribute significantly to job creation within their communities and often bring diverse perspectives and innovative solutions to the broader marketplace. Historically, these businesses have faced systemic barriers to entry and growth, making targeted support programs and certifications crucial for their success. This support helps to level the playing field and ensures a more balanced representation across various industries.
