What is a Diverse Business?

What is a Diverse Business?

Syracuse University recognizes that there are many types of certifications related to business types available for classification.  The University allows our Suppliers to self-identify as to their business type, based on the following criteria.

Woman-Owned Business

Any business concern that is at least 51 percent owned by a non-minority woman or women (a minority woman is classified as a minority) who are U.S. citizens or legal resident aliens, or in the case of a corporation, a partnership or limited liability company or other entity, at least 51 percent of the equity ownership interest in which is owned by one or more women, and whose management and daily business operations are controlled by one or more of such individuals.

Veteran-Owned Business

A veteran-owned business is one in which a minimum of 51 percent of the voting stock is owned and controlled by one or more veterans. A veteran individual or group must control the policy-making process and direct the daily operations of the firm. If the business is publicly owned, veteran group members must control a minimum of 51 percent of the voting stock and must direct the management and daily business operations.

 

Minority-Owned Business

A business concern which is at least 51 percent owned by one or more minorities or, in the case of a corporation, a partnership or limited liability company or other entity, at least 51 percent of the equity ownership interest in which is owned by one or more minorities and whose management and daily business operations are controlled by one or more of such individuals.

 

Small Business

Is an enterprise that employs a small number of workers and does not have a high volume of sales. Such enterprises are generally privately owned and operated sole proprietorships, corporations or partnerships, which is limited in market control or geographic location, depending on the industry.

 

Disability-Owned Business

A business concern which is at least 51 percent owned by one or more disabled persons, or in the case of a corporation, a partnership or limited liability company or other entity, at least 51 percent of the equity ownership interest in which is owned by one or more disabled persons and whose management and daily business operations are controlled by one or more of such individuals.

 

LGBTQ-Owned Business

An “LGBTQ Business Concern” must be majority-owned (at least 51%), operated, managed, and controlled by an LGBTQ person or persons who are either U.S. citizens or lawful permanent residents.