By Angela Swinson Hulett
When Jameka Miller of Miller Real Property Services and Property Management, was looking to establish private relationships, she wanted to set herself apart as a woman owned business in a space that was dominated by men. It was a challenge. She wanted something that targeted and identified her so that people could meet her.
That was when she started in the Chase Coaching for Impact Program and was encouraged to get her national supplier diversity certification, which is part of a movement that goes back more than a century.
Today it is known as the Minority Business Enterprise certification, which was designed by the federal government, said Darla Harris, a senior business consultant with Chase.
Miller had already obtained her Minority Business Enterprise certification with the District of Columbia, but Chase helped her go beyond the local certification. “There were just certain documents, that as a smaller company, you may not even know that you need,” Miller said.
Harris said to qualify for a supplier diversity certificate, a business must be 51 percent minority owned, women owned, veteran owned, disabled veteran, disability owned, or LGBTQ owned. Government agencies certify businesses, but many entrepreneurs don’t know that there are also certifying bodies that support private sector corporations, which facilitate opportunities for corporate contracts.
One of the main benefits of the certification is that it helps the business grow, Harris said, adding that businesses can also qualify for government contracts with the certification. “I usually like to refer to it as, it’s not a guarantee, but it’s like a license to fish. It just opens up more opportunities for you and your business, either in the public sector or the private sector,” Harris said.
Harris added that it also takes time to build a valuable business relationship.
In 2023, JPMorganChase spent more than $3 billion directly and indirectly with diverse suppliers.
For more than three decades, the bank has sought to provide equitable access to opportunities. Chase has committed to spending an additional $750 million with Black, Hispanic and Latino owned suppliers as part of the firms five-year $30 billion racial equity commitment announced in 2020.
Businesses seeking certification should make sure their resume is updated and their financial picture is in good standing, Harris said.
They should also consider working with a Certified Public Accountant to get financial documents and have an updated business plan. “We recommend all our business owners have a business plan as a blueprint so that you can go back and look at your strengths, your weaknesses, your opportunities, and the threat to your business, and then move through the certification process,” Harris said.
Miller runs a full-service property development, construction and consulting company. The business specializes in single and multifamily residential and commercial development and provides tenant services for low to moderate income residents.
“Once I became certified, I began to apply with a lot of the larger contractors because they’re going to subcontract a considerable amount of work out,” Miller said, adding that opportunities began to present themselves in the government space and other construction companies. “Once you get in the system, these are opportunities that you don’t necessarily have to go find. They really do come to you.”
Harris agreed. “Your certificate is one of the first steps of growing the business, because it gives you access to people and networks. Becoming certified can also help you access contract opportunities as well as education,” she said. Chase has assisted in lowering common financial barriers faced by small and underrepresented businesses seeking corporate contracts with a Diverse Supplier Grant Initiative, which provides growth capital to help businesses meet the minimum requirements for doing business with large corporations.