How is a minority-owned business defined?
Although definitions vary, in general a minority-owned business is a for-profit enterprise, physically located in the United States or its trust territories, which is owned, operated, and controlled by minority group member(s). “Minority group members” most often identified are US citizens who are Asian, African-American, Hispanic, and Native American (for a complete listing, see http://www.sba.gov/library/cfrs/13cfr124.html). Ownership by minority individuals means the business is at least 51 percent owned by such individuals or, in the case of a publicly-owned business, at least 51 percent of the stock is owned by one or more such individuals. Further, the management and daily operations are controlled by those minority group members.
