What does "minority business enterprise" mean?

A minority business enterprise is a business that is more than half owned, controlled and operated by people who belong to certain minority groups. Half owned means that at least 51 percent of the business falls under this guideline.

The minority groups within a business do not have to be the same. For example, if a business is owned, controlled and operated by a Hispanic man, an African-American man and a Caucasian man, then it qualifies as a minority business enterprise because both the Hispanic man and the African-American man belong to covered minority groups. Businesses can gain certification for minority status, which helps secure access to reserved financing and programs.