The purpose of becoming a Minority Business Entity or MBE in Maryland is to level the playing field and gain access to jobs and contracts that may otherwise be out of reach. Once certified, a minority owned business may be eligible to receive special grants or funding to grow the business. The name of the MBE is published in the Maryland Department of Transportations Online Directory of MBE Maryland firms which is used by a variety of State Agencies and contractors. The MBE can also bid on government contracts and may be considered a preferred entity.
A common problem that minority business owners face when bidding on large contracts, however, is they often don’t have the capital to obtain the necessary insurance or bonds for the project. As a result, they are forced to include the price of the premium in the bid and often lose the contract because the bid is higher that those of competing firms.
If you are one of the majority owners of a MBE in Maryland who has faced this challenge, you may want to consider using a different insurance company. Look for an insurance company that specializes in surety bonds and other products that can help minority business owners. The best insurance company will understand the needs of a minority business enterprise and will know where to look to find insurance solutions for those needs. A larger company may even have the purchasing power to make the bonds and insurance that you need more affordable. Visit our website to know more.