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.
Explore Cocolevio’s certification application, 58Joralemon
Let us take the guesswork out of certifying your veteran, woman, or minority-owned business. Apply for a certain certification through our portal, then upload the necessary documents in one central location.
When your application is accepted, your certificate will be easily accessible. With 58Joralemon, you can also get a hassle-free renewal of your minority, veteran, or women owned business certification.
The app also organizes your past certificates, relevant documents, and invoices to make them easy to find. Say goodbye to endless searches through your drive. Quickly and easily certify your business using our certification application, 58Joralemon.