What does TBE mean in BUSINESS

Targeted Business Enterprise (TBE) is a government program that supports the creation and growth of businesses owned by underrepresented individuals or groups, such as those belonging to historically marginalized communities. The program provides preferential access to funding and other resources, allowing small businesses to compete on an even playing field with larger companies.

To qualify as a TBE, the business must be 51% or more owned, operated, managed, and controlled by members of one or more of the following groups: women; persons with disabilities; people of color; LGBTQ+ individuals; veterans; service-disabled veterans; Native Hawaiians and/or Pacific Islanders; Alaskan Natives; Native Americans; and Hispanic Americans. Additionally, the business’s headquarters and primary place of business must be located in one of these communities.

To apply for TBE status, applicants must submit a certification packet with supporting documentation to demonstrate their eligibility for the program. Depending on which state you’re applying in, this packet will include proof of ownership and control, such as articles of incorporation or tax returns. Each state has its own application process and requirements for gaining certification – be sure to check your local regulations before submitting your materials.

The length of time required to receive certification varies depending on where you are applying from – typically ranging from 1-3 months after submitting all necessary documents. However, due to delays caused by COVID-19 pandemic restrictions and mail services, this timeline may be extended in some areas.

Being certified as a Targeted Business Enterprise offers many benefits including access to funding opportunities exclusively set aside for TBEs under certain federal and state procurement programs. These funds can help support businesses during their early stages of development or growth efforts into new markets. Additionally, some states have mandated that certain percentages (e.g., 25%) of contracts must be awarded to TBEs providing additional support for businesses looking to contract work within their own community or beyond.

Once you’ve been approved as a TBE, best practices suggest that you leverage networking opportunities through social media channels such as LinkedIn, Twitter, Facebook etc., connect with larger entities who have contract preferences set aside specifically for TBEs,and sign up with databases that hold certifications like yoursso potential customers can easily identify your credentials when searching for qualified vendors.