diverse supplier certification

Diverse and minority owned small business support

Small and medium businesses have found themselves navigating unprecedented hurdles in today’s environment. As the pandemic’s effects continue, diverse and minority-owned small businesses are being disproportionately impacted. 

In support of diverse and minority-owned small businesses, Thomson Reuters has partnered with CVM, a supplier.io company, which has a proprietary database of nearly 1 million diverse and small businesses. CVM’s database is used by many Fortune 500 companies when they are looking for qualified diverse and small suppliers to consider for purchasing opportunities.

Though not required, the vast majority of diverse suppliers in CVM’s database have had their diversity status certified by a third-party certification agency.  Many of the Fortune 500 and other large companies that are making a concerted effort to purchase from diverse businesses want third-party verification that these suppliers are in fact diverse-owned businesses.

If you are a diverse or minority small business and would like to make information on your company available to corporate buyers that access CVM’s database, here is some information that you may find helpful:

  1. Determine your eligibility
    1. Review the classifications of minority-owned businesses to determine how you proceed
  2. Register as a supplier with CVM’s Database
    1. Registering your business will only take a few minutes, but will make your company visible to CVM’s 300+ subscribing organizations looking to buy goods and services from diverse suppliers.
    2. Be as clear and descriptive in your submission as possible.  When describing the products/services that your company provides, include sufficiently detailed keywords so that your company will come back in search results when buyers are searching for potential suppliers to provide a specific good or service.
  3. Get certified as a Minority-Owned Business
    1. There are two options for diversity classification:  self-classification; and third-party certification. Most corporations prefer third-party certified businesses, as third-party certification involves independent verification by recognized agencies.
      1. Self-classification by registering in the federal government’s SBA System for Award Management database
      2. Self-classification by registering in CVM’s database and completing an electronic attestation
      3. Third Party Certification via state, city, county, (and other) government entities in every state that certify companies as diverse.   Many of these agencies have low fee or free certifications.  CVM’s receives information directly from over 300 of these municipal certification agencies and feeds this into the database. 
      4. Third Party Certification from a private-sector certification agency:
        1. National Minority Supplier Development Council (NMSDC)
        2. Women’s Business Enterprise National Council (WBENC)
        3. National Veteran Business Development Council (NVDBC)
        4. National Veteran-Owned Business Association (NaVOBA)
        5. National LBGT Chamber of Commerce (NGLCC)
        6. Disability:IN

Additional support

For additional support and guides for specific groups, please see the below resources:

Additional resources

This page was created by Thomson Reuters legal and tax experts to assist your small business. For further in-depth coverage, access free COVID materials via the following Thomson Reuters platforms.

Practical Law Global Coronavirus Toolkit

A trusted resource leveraged by legal professionals and corporate counsel, Practical Law offers free access to content specific to navigating COVID-19 and business interruptions.

Checkpoint Edge COVID-19 folder

Leveraged by tax and accounting professionals, Checkpoint Edge offers free trial access to a COVID-19 folder that includes support, service, training and video tutorials.

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