FAQ
A MBE is a company-level diversity certification that can be issued by a third-party certifying organization or federal, state, or local governments. The application requirements will vary depending on the certificate issuer.
Becoming certified as a minority-owned business also places the organization in a searchable database maintained by the issuing organization, potentially increasing the MBE’s exposure to new buyers.
To be eligible for certification as an MBE, an organization must be at least 51% owned and controlled by a U.S. citizen. Depending on who is issuing the certificate, additional requirements may apply.
Third-party organizations like SupplierGateway and NMSDC usually issue certifications. Companies wishing to be certified must complete an application, pay a fee, and provide supporting documentation showing that a minority controls the business.
The main benefits of having an MBE/minority-owned business certification are being eligible for government funding/grants, gaining access to government contracts, and participating in corporate inclusive procurement initiatives.
Most corporate supplier diversity initiatives require a third-party supplier diversity certification to count any spending or activities done with a diverse business. Being certified as a MBE allows you to be counted, making you a more attractive company to do business with.
The main benefits of having a WBE/woman-owned business certification are being eligible for government funding/grants, gaining access to government contracts, and participating in corporate inclusive procurement initiatives.
Most corporate supplier diversity initiatives require a third-party supplier diversity certification to count any spending or activities done with a diverse business. Being certified as a WBE allows you to be counted, making you a more attractive company to do business with.
The chart below lists all current third-party certifiers, what they certify, how long certification takes, and the cost associated with certification.
For WBE certification, cost starts at $25 through SupplierGateway’s Enhanced Digital Certification, and goes up to $1250 for a larger woman-owned business to certify through WBENC.
A WBE is a company-level diversity certification that can be issued by a third-party certifying organization or federal, state, or local governments. The application requirements will vary depending on the certificate issuer. Some governments, like the US Federal Government, require that a portion of their contracts be set aside for minority and women-owned businesses; becoming certified as a WBE allows the organization to bid on these opportunities.
Often, becoming certified also places the organization in a searchable database maintained by the issuing organization, potentially increasing the WBE’s exposure to new buyers.
To be eligible for certification as a WBE, an organization must be at least 51% owned and controlled by a female U.S. citizen. There may be additional requirements dependent on who is issuing the certificate; for example, some states do not require a woman-owned business to be a small business.
Third-party organizations like SupplierGateway, WBENC, or NAWBO usually issue certifications. Companies wishing to be certified must complete an application, pay a fee, and provide supporting documentation showing that a woman controls the business.
Normally it takes under 24 hours to start using SGPay. All you need to do is complete KYC (know your customer), and enter your banking information. Once this information is processed, you’ll be alerted that you can start paying with SGPay.
You receive your cash back 30 days after the end of the billing period with SGPay. This means additional cash liquidity for your business. Other virtual payments send cash back payments either quarterly or at the end of the year.
SGPay has no additional fees for those paying with SGPay. There’s also no additional fees for those receiving payment via SGPay outside of their normal fees charged by the payee’s credit card processor.
Virtual payments are a fast, secure, accurate way to pay your suppliers digitally. Virtual payments eliminate manual check-writing and supplier banking information disclosure that’s necessary for ACH payments. Virtual payments are issued in the form of a virtual card that is pre-loaded with a certain dollar amount that needs to be spent by a certain date. This preloaded amount combined with a predetermined expiry date enhances security and ensures only the approved amount is spent.