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:
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Jennifer Rascon is the Designated Broker / Owner for EXIT REALTY YUMA, the #1 EXIT Brokerage in the Desert Southwest. She is a full time REO Broker servicing Yuma and Tucson Arizona. With over 11 years of REO / Short Sale experience, her account experience includes: REO, Short Sales, Outsourcers, Hedge Funds, Rehabilitation Management, Valuations, Property Management and Retail Residential for Institutional and Private Clients. Her brokerage has 40+ agents within the retail division that she leverages for optimal buyer coverage. The REO and Retail divisions blend nicely and offer maximum results producing a win – win outcome for all parties. Jennifer has served on the EXIT Arizona Advisory Board as well as the Yuma Association of Realtors MLS Committee. She is a local member of YAR, TAR, AAR and is a national member of NAHREP, NAR, AREAA, US REO Partners and NRBA. Jennifer’s outside the box thinking and hands on “get it done” attitude is evident in the 250+ closed transactions per year. Communication is of the utmost importance to finding the perfect solution for every client. From initial occupancy check to closing each account is handled with professionalism, integrity, ethical practices, honesty, and grit.