Minority Supplier Development Essay Example | Topics and Well Written Essays - 500 words

Minority Supplier Development - Essay Example The business being registered should be within the territory of United States. In addition to that the daily operations and management of the business should be conducted by the members of the minority group. A firm that feels it is entitled to be accredited as a Minority Supplier it can apply for certification using online platform. National Minority Suppliers Development Council will engage the help of specialists to determine the authenticity of the information granted to them. In case of application rejection, one can appeal to the board to review their decision. Minority Suppliers details are stored in the affiliate Regional Minority Suppliers Development Council database. Whenever a buyer or other business wants to transact with minority group, they can access their locality from the Regional affiliated offices. Minority businesses in the United States have increased in the last TEN years. It has been argued that since President Obama assumed the office minorities felt that one of them had clinched the power. The number of registered Minority Businesses is two million, an increase of 70 percent comparing to those registered as at year 2005, generating USD 205 billion annually. However, despite the increased number of registered number of minority businesses, challenges still face them. The main one being the competition from well-established companies that are financial and market stable. Minority businesses depend on loan to run their businesses, and this restrains their capability and competitiveness ("The Challenges and Opportunities in Diversity for Small Business.", n.p). Enhancement of business operations for the minority is one thing and level ground in doing business is another aspect. Still fair grounds for doing business for the minorities has not yet been achieved, but NMSDC is w orking towards that. The benefits NMSDC have generated to the minority members is beyond any measurable instrument.