What is Minority Business Enterprise?
‘Minority Business Enterprise’ is an American title conferred upon a company that is owned at least 51% and managed by a minority group of either African Americans, Hispanics, Asians, or Native Americans.
Minority Business Enterprises or MBEs are certified by the city, state, or federal agency on behalf of the American National Minority Supplier Development Council (NMSDC).
As per the data collected by the Minority Business Development Agency of America, minorities own more than 8 million companies, with their cumulative revenue amounting to more than $1.4 trillion.
However, there have been multiple controversies surrounding MBEs too. There have been multiple cases where individuals have claimed to own an MBE only to understand that it was a fraud.