Women, Minority, or Veteran-Owned Business Certification in Indiana
If your Indiana business is primarily owned and operated by women, members of an American minority class, or veterans, you may qualify for certification as a Women, Minority, or Veteran-Owned Business from the Indiana Department of Administration. The certification can lead to increased opportunities for your business in the form of state contracts or business, acquisition inquiries, and other training or certification opportunities.
In order to qualify for certification, there are a few general requirements that must be met:
At least 51% of your business must be directly owned by U.S. citizens who are women, members of a minority, or veterans (“qualifying individuals”).
There must be adequate consideration for the business interests owned by qualifying individuals, typically an individual’s contribution for his or her ownership interest.
If a qualifying individual’s contribution is based on his or her services to the business, his or her expertise and financial investment in the business must be documented.
One or more qualifying individuals must also have control of the business and its day-to-day operations. Qualifying individuals may delegate specific responsibilities to officers, managers, or employees who are non-qualifying, but must always maintain control over the decisions of their delegates.
If you believe you may qualify for this certification and would like more information, you can find it at the Indiana Department of Administration’s Division of Supplier Diversity webpage here. If certification aligns with your business goals, consider talking with your attorney to make sure you meet all the requirements and for guidance through the certification process.