With an ever-increasing emphasis on diversity and equity, it is essential to certify your diverse business to win valuable recognition and funding. Women, veterans, or minority-owned businesses statistically tend to receive fewer investments and loans.
Based on a study by the U.S. Chamber of Commerce and MetLife, black-owned businesses are 19% less likely to receive funding even though they apply for it 10% more than their white counterparts. In 2017, only 2.2% of all venture capital in the U.S. went to women-led businesses.
With this context in mind, the importance of certifying your business as minority, woman, or veteran-owned becomes clear.
Some of the benefits of certification are as follows:
Advantages when applying for government loans
Certifying your business can mean more accessible access to government loans, primarily if they are geared towards women, minorities, or veteran-owned businesses.
Become eligible for specific government grants
Become eligible for government grants that allocate a certain amount of funds for diverse businesses. Certification can help verify your status.
Target socially conscious consumers
As it becomes increasingly important to consumers that they support a diverse array of businesses in light of recent cultural shifts, certify your business to legitimize your status and attract more customers.
