The National Minority Supplier Development Council Inc. recently announced the creation of the Certification Reimbursement Initiative. The program enables NMSDC corporate members to support minority businesses by reimbursing the cost of the NMSDC application fee.
By removing cost as a barrier to entry, the program incentivizes new minority business enterprises, or MBEs, to get certified and exposes them to the value of certification in the programs, services, connections and business opportunities that come with being a part of the NMSDC network.
Eligibility for the certification reimbursement program is different for each of the funders but, at a minimum, the company must meet the following criteria to be eligible to apply for NMSDC certification as an MBE:
- Must be United States citizens.
- Must be at least 51% minority-owned, managed and controlled.
- Must be an independent for-profit enterprise and physically located in the U.S. or its trust territories.
- Must be managed and operated by the minority ownership member(s).
“While we believe the cost of certification is far outweighed by the benefits MBEs receive from getting certified, we are excited to partner with our corporate members to provide MBEs a way to reduce the costs associated with certification,” said Constance Jones, senior director of field services for NMSDC.
Why NMSDC certification matters
Being certified by NMSDC means that a company is recognized as one of the more than 15,000 high-performing companies across the United States that have completed what’s widely considered to be the most rigorous MBE qualifying process. That matters because more than 1,500 local and national corporate members depend on certified MBEs and the integrity of NMSDC’s certification.
Corporate members count on the national organization and affiliate regional councils to be their trusted partners in helping to develop and connect MBEs with them to advance their companies’ commitment to economic equity, strengthen communities, and create employment opportunities for people of color while also furthering corporate diversity and inclusion initiatives and optimizing supply chain resilience.
Companies interested in becoming a corporate sponsor of the Certification Reimbursement Initiative can contact NMSDC at [email protected].
To learn more about the Certification Reimbursement Initiative, visit reimbursement.nmsdc.org.
New York GLOBE NEWSWIRE National Minority Supplier Development Council NMSDC minority businesses funding sponsor company Certification Reimbursement initiative JPMorgan Chase Lowes MassMutual Nielsen Omnicom minority business enterprises new minority business enterprises NMSDC network NMSDC certification independent for-profit enterprise Constance Jones communities of color