Classifying Minority and Women-Owned Businesses

Classifying Minority-Owned Business Status
A minority-owned business is one in which a minimum of 51 percent of the voting stock is owned and controlled by one or more minority group members. A minority individual or group must control the policy-making process and direct the daily operations of the firm. If the business is publicly owned, minority group members must control a minimum of 51 percent of the voting stock and must direct the management and daily business operations. The University recognizes the following groups as minority:
 
  1. African/Black American—United States citizens whose origins are in any of the black racial groups of Africa.
  2. Hispanic American—United States citizens of Hispanic heritage from any of the Spanish-speaking areas of Latin America or the following regions: Mexico, Central America, South America, and the Caribbean basin only.
  3. Native American—United States citizens who are American Indian, Eskimo, Aleut, or Native Hawaiian and regarded as such by the community of which the person claims to be a part. Native Americans must be documented members of a North American tribe, band, or otherwise organized group of native people who are indigenous to the continental United States and must provide proof through a Native American Blood Degree Certificate (i.e., tribal registry letter, tribal roll registration number).
  4. Asian-Pacific American—United States citizens whose origins are from Japan, China, Taiwan, Korea, Vietnam, Laos, Cambodia, the Philippines, Samoa, Guam, the U.S. Trust Territories of the Pacific, or the Northern Marianas.
  5. Asian-Indian American—United States citizens whose origins are in India, Pakistan, Bangladesh, Sri Lanka, and other subcontinental Asian countries.
Classifying Women-Owned Business Status
A women-owned business is one in which a minimum of 51 percent of the voting stock is owned by one or more women. A woman or women must control the policymaking process and direct the daily operations of the firm. If the business is publicly owned, a woman or women must control a minimum of 51 percent of the voting stock and must direct the management and daily business operations.

Certification as a Minority- or Women-Owned Business
Certification validates that a business is owned, managed, operated and controlled by an ethnic minority or woman. In order to do business with the University of Chicago as an MBE or WBE, the business should be certified by one of the following certifying agencies: Non-M/WBE vendors are welcome to seek contracting opportunities with the University. However, to be identified as an M/WBE supplier, the vendor must be certified. Certified minority- and women-owned businesses that would like to enter into a business relationship with the University of Chicago must first complete the registration process.

 

Require additional assistance in becoming a certified Women or Minority-Owned firm? Please contact Ayenew Biru of Horizon Consulting at 312-888-1063.