TeachMeFinance.com - explain minority businesses
minority businesses -- The U.S. Small Business Administration defines
minorities as those who are "socially or economically
disadvantaged". The regulations set forth the specific
criteria. Social disadvantage has to do with membership in
one of several different racial or ethnic categories as defined
by regulation, or on a case-by-case basis for those others
who feel they are socially disadvantaged. Groups which are
considered to be socially disadvantaged include: Black Americans;
Hispanic Americans; Native Americans(American Indians, Eskimos,
Aleuts, or Native Hawaiians); Asian Pacific Americans (persons
with origins from Japan, China, the Philippines, Vietnam,
Korea, Samoa, Guam, U.S. Trust Territory of the Pacific Islands,
Northern Marianna Islands, Laos, Cambodia or Taiwan); and
Subcontinent Asian Americans. Economic disadvantage has to
do with the barriers that social disadvantage has placed in
the way of an individual's participation in business and employment.
SBA district offices have minority business specialists who
can help with the definitions. In most cases, being a woman
does not by itself qualify as minority status.
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Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.