Hi Irene, To learn more about benefits and resources for minority- and women-owned businesses, you can first visit Business.gov's Minority Owned Businesses page and Women Owned Businesses page. We also have a blog, Financing for Women and Minority Entrepreneurs, so feel free to take a look at it. If anyone has more information, feel free to chime in!

Hi Irene, To learn more about benefits and resources for minority- and women-owned businesses, you can first visit Business.gov's Minority Owned Businesses page and Women Owned Businesses page. We also have a blog, Financing for Women and Minority Entrepreneurs, so feel free to take a look at it. If anyone has more information, feel free to chime in!

Not sure you will find much help solely on being a minority business. You already are part of a great women business group and there are many great ones out there. Your best bet would be to go and speak with a CPA in location who understands small businesses. This will give you first hand information relating specifically to your situation. Most offer free first time visits or relatively low fees for first time visits. Much better to spend the money on a CPA then get in trouble with the IRS or state.

Hello, I want to say that I am also a Minority Business Owner of Financial Card Processing Company.  I have not done this process yet but there is a way to become an officially recognized Minority Business.  Like BizResearcher stated, there are benefits for state and federal programs and if you research in SBA it states the application process.  I believe it starts with the title '8a'. 

There are only two benefits that I have ever seen for minority businesses. 1) in secruing government contracts - many of these contracts are speifically designated for minority business. 2) under the CRA, minority businesses can push for loan approvals - but you still have to meet standard underwriting criteria. I am sure that there are more benefits - but these are the only ones that I have ever ecountered. Message Edited by phanio on 09-15-2009 08:57 AM

Not sure you will find much help solely on being a minority business. You already are part of a great women business group and there are many great ones out there. Your best bet would be to go and speak with a CPA in location who understands small businesses. This will give you first hand information relating specifically to your situation. Most offer free first time visits or relatively low fees for first time visits. Much better to spend the money on a CPA then get in trouble with the IRS or state.

Hello, I want to say that I am also a Minority Business Owner of Financial Card Processing Company.  I have not done this process yet but there is a way to become an officially recognized Minority Business.  Like BizResearcher stated, there are benefits for state and federal programs and if you research in SBA it states the application process.  I believe it starts with the title '8a'. 

There are only two benefits that I have ever seen for minority businesses. 1) in secruing government contracts - many of these contracts are speifically designated for minority business. 2) under the CRA, minority businesses can push for loan approvals - but you still have to meet standard underwriting criteria. I am sure that there are more benefits - but these are the only ones that I have ever ecountered. Message Edited by phanio on 09-15-2009 08:57 AM

Women are NOT considered 'minorities' and do NOT qualify for minority loans and assistance. Under special circumstances, women may qualify as a 'disadvantaged business owner'. There was one program supported by the SBA to 'qualify' women as business owners, and personally I found it insulting. It required that I send my taxes and financial statements to some nameless person(s) for 'review'. I firmly believe that nobody needs to see my taxes nor my financials to determine that I own my business; that can be accomplished by looking at my incorporation papers, and perhaps my most recent Shareholder Minutes. Nor do I want nameless people having copies of my taxes and financials, let alone pay them hundreds of dollars to do that 'review'. It is disgusting. So I have never lowered myself to qualify as a 'woman owned business'. I don't think I have missed out on much. If yours is a business that could contract with either with local/state/federal governments for projects, or even large corporations that want to meet a 'minority quota', you may be required to go through this degrading process. If I were in your shoes, I would talk with the agency/company directly and offer to provide proof of ownership. MaryAnnBusiness Plan MasterStart and Finance Your Business Now ---This post was edited to remove a commercial link. Read our discussion policies for more Community best practices.

Women are NOT considered 'minorities' and do NOT qualify for minority loans and assistance. Under special circumstances, women may qualify as a 'disadvantaged business owner'. There was one program supported by the SBA to 'qualify' women as business owners, and personally I found it insulting. It required that I send my taxes and financial statements to some nameless person(s) for 'review'. I firmly believe that nobody needs to see my taxes nor my financials to determine that I own my business; that can be accomplished by looking at my incorporation papers, and perhaps my most recent Shareholder Minutes. Nor do I want nameless people having copies of my taxes and financials, let alone pay them hundreds of dollars to do that 'review'. It is disgusting. So I have never lowered myself to qualify as a 'woman owned business'. I don't think I have missed out on much. If yours is a business that could contract with either with local/state/federal governments for projects, or even large corporations that want to meet a 'minority quota', you may be required to go through this degrading process. If I were in your shoes, I would talk with the agency/company directly and offer to provide proof of ownership. MaryAnnBusiness Plan MasterStart and Finance Your Business Now ---This post was edited to remove a commercial link. Read our discussion policies for more Community best practices.