NEW YORK, Aug. 19, 2022 (GLOBE NEWSWIRE) -- The National Minority Supplier Development Council (NMSDC) is excited to announce 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. Each business must meet the funding criteria of the funding sponsor company. This effort is made possible by the initial support of JPMorgan Chase, Lowe’s, MassMutual, Nielsen, and Omnicom.
By removing cost as a barrier to entry, the program incentivizes new minority business enterprises (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 senior director of field services, Constance Jones.
Companies interested in becoming a corporate sponsor of the Certification Reimbursement Initiative can contact NMSDC at constance.jones@nmsdc.org.
About NMSDC
Founded in 1972, NMSDC is the longest-operating business growth engine for the broadest group of systematically excluded communities of color (Asian-Indian, Asian-Pacific, Black, Hispanic, and Native American), and our impact goes far beyond the supply chain. It’s about upward mobility for the emerging majority of Americans, an equal shot at participating in the American experiment of free-market capitalism and entrepreneurship. Our work is about correcting the unequal access to wealth-building opportunities. For more information, please visit nmsdc.org.
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