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PlanStartOperateGrowMWBE, SBE, VOB and Other CertificationsSocially and Economically Disadvantaged Business (SEBD
PlanStartOperateGrowMWBE, SBE, VOB and Other CertificationsSocially and Economically Disadvantaged Business (SEBD
Eligibility Criteria
To qualify, your business must be officially registered and allowed to operate in New Jersey. It must be at least 51% owned, managed, and controlled by one or more people who are socially and economically disadvantaged. If the business involves work that doesn’t require a license, you’ll need to show that the owner has the skills to do the job. Also, each qualifying owner must have a personal net worth of $1.32 million or less, not counting their home or the value of the business.
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Recent Regulations and Resources
Application Needs
- 12-digit New Jersey Tax ID
- Employer Identification Number (EIN) or Social Security Number (SSN)
- Business name or trade name
- Names and addresses of the owner(s), partners, or officers
- Names and addresses of all shareholders and their ownership percentage (for corporations)
- Number of shares issued and outstanding (for corporations)
- Articles of incorporation, bylaws, partnership agreements, or joint venture agreements (as applicable)
- Copy of the Certificate of Formation
- Organizational chart
- Identification for all owners (birth certificate, driver’s license, passport, or other acceptable form of ID)
- Signed affidavit stating the business is socially and economically disadvantaged (example affidavit)
- Completed personal net worth statement for each socially and economically disadvantaged owner
The following information may also be requested:
- Names, addresses, and capital contributions for all investors
- Business bonding history and activity
- Any connections the business or its owners have with other businesses
- List of the business’s major property holdings
- List of banks the business works with
- List of all certifications awarded to the business
- List of any certifications denied to the business
- Copies of leases, rental agreements, deeds, or mortgage documents (including if home-based)
- Proof that the owner(s) have lived long-term in an isolated area or one with high unemployment
- Information showing the business is located in:
- An area with a poverty rate of 20% or more, or
- An area where the median family income is 80% or less of the higher of the statewide median or the local median income
- Operational agreement showing how the business is run