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State of Ohio reaches minority-owned business contract goal

Photo of Merle F. Wilberding

To make up for years of not doing business with minority-owned companies, the state of Ohio has set a goal of awarding 15 percent of its contracts to such firms in the state. And for the first time, the state has reached its quota, according to the Dayton Business Journal.

This is good news for minority business owners who do business with the state government, or are seeking to. However, locally, Dayton has a ways to go to reach the 15 percent quota.

The Business Journal reported about a recent event at The Job Center, hosted by community leaders and state agencies. The event was meant to reach out to minority-owned businesses in Dayton, to get them state-certified and help them obtain contracts from the state.

Statewide, the mission was finally successful in 2014, when 19 percent of state expenditures went to certified minority-owned businesses. That was a total of $228.5 million going to 325 businesses, a record number of firms.

Considering that just $27 million in state money went to minority-owned businesses in fiscal year 2008, this is enormous progress. The state hopes to keep the momentum going by certifying more businesses and providing other assistance via outreach efforts, probably like The Job Center event, in Ohio's cities.

These efforts can provide a leg up for minority business owners trying to establish themselves in their particular fields. Another way to is to ensure that your business is organized in a way that works best for you. Choosing the right form of business organization can help you maximize your growth opportunities, while avoiding legal and financial risk.

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