Depending on the nature of the business, there are several types of certifications available today. Common certifications include: minority business enterprise (MBE); women business enterprise (WBE); disadvantaged business enterprise (DBE); SBA 8(a); HUBzone; veteran-owned small business (VOSB); service disabled veteran-owned small business (SDVOSB); women-owned small business (WOSB); business enterprises-owned by people with disabilities (BEPD) and “small business.”
While each certification has different criteria, there are similar criteria for many. For instance, all companies must be at least 51-percent owned by a person or a group claiming the certification status.1 The 51-percent owner must have unfettered control of the company. For federal and DBE certifications, the company must be a “small business” as determined by the Small Business Administration (SBA). A federal SDVOSB requires the business be “small,” at least 51 percent owned and operated by one or more service-disabled veterans whose management and daily business operations are controlled by service-disabled veterans, and the disability be service connected. While a HUBzoned firm must also be “small,” the criteria includes the location of the business and home addresses of the firm’s employees. State corporate laws and licensing laws are also criteria used to review applications for certification. There are special criteria that must be met depending on the certification type. For instance, while a 51- percent owner must have a personal net worth under $750,000 for DBE certification, the SBA 8(a) certification requires that the 51-percent owner have a personal net worth under $250,000.
Federal, state and local government agencies also have different gross business receipts criteria for determining small business certification eligibility.More information for your convenience:
For more information on diversity designations and certifications, visit the following websites:
NOTES: Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security, or accessibility standards as ours. Therefore, NRBA is not responsible for the security, content or availability of third-party sites, their partners, or advertisers.
Ed Lukasik Jr is the Broker/Owner of RE/MAX Professionals in Bolingbrook. He was just ranked in the top 1.5% of all realtors nationwide for 2022 as advertised in the Wall Street journal. He has also been recognized as the #1 RE/MAX Agent in IL for 2008, 2009, 2016, 2017, 2019 and 2020. He has been recognized by the Wall Street Journal for being in the top 100 Real Estate Agent's in the country for closed listings. Ed Jr has also been ranked among the top 100 RE/MAX agents nationwide multiple times in his career. He has also earned RE/MAX's prestigious "Circle of Legends Award" for his outstanding performance and career sales. He has also been the recipient of RE/MAX's highest award, the "Diamond Club Award" multiple times in his career. Ed Lukasik Jr's marketing plan and experience is unmatched-he utilizes the latest online and mobile technology to maximize exposure for his client's listings-giving his clients that maximum exposure and highest return possible on their property. He has closed over 3500 Homes since 2001, 10x more than most Realtors close in an entire career. Ed Lukasik Jr's market knowledge and experience are unmatched compared to any other agent in his market area. Ed also has an extensive construction background. He is personally involved in residential/commercial rehabbing, and construction-this gives Ed the edge over other agents in his market as he has a vast understanding of construction costs, building codes, new construction processes, permit processes and property renovation/preservation.
REO Listing Broker
Servicing The state of IL in the counties of Will, Dupage, Cook, Kendall, Kane, Lake and Portions of McHenty and Grundy