What is a minority-owned business?

In order to be considered a "minority" in the world of small business, you must be at least 25%...

• African-American
• Hispanic-American
• Asian-American
• Pacific Islander
• Alaskan Native
• American Indian

Women-owned businesses, on the other hand, are another category.

In order for a business to qualify as minority-owned, it needs to be at least 51% owned by a person or persons from one of those groups.

Additionally, you’ll often need to be certified as a minority business enterprise (MBE) or a disadvantaged business enterprise (DBE) in order to qualify for certain loans or grants.

That’s not the case for all loans and grants, however, so make sure it’s a requirement before going through the process of gettin...