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Supplier Diversity Business Classifications
What is considered a "Diverse Vendor?"
Vectren defines diverse businesses as Minority, Woman-owned, Small, Small Disadvantaged, Veteran and Service Disabled Veteran-Owned by meeting the following criteria:
Minority Owned - A Minority Business Enterprise (MBE) is a for-profit enterprise, regardless of size, physically located in the United States, which is owned, operated, and controlled by minority group members. Minority group members are U.S. citizens who are African-American, Hispanic American, Native American, Asian-Pacific American, and Asian-Indian American. Ownership by minority individuals means the business is at least 51% owned by minority individual(s). The minority group owner must control the management and daily business operations.
Small Business - The Small Business Administration's (SBA) size standard defines whether a business entity is small. Size standards have been established for all for-profit economic activities or industries in the North American Industry Classification System (NAICS).
Small Disadvantaged Business - A Small Disadvantaged Business meets the criteria set out by the SBA and is at least 51% owned and controlled by an economically and socially disadvantaged individual(s). African Americans, Hispanic Americans, Asian Pacific Americans, Subcontinent Asian Americans, and Native Americans are presumed to qualify, while other individuals must show by a preponderance of the evidence that they are disadvantaged. Additionally, all individuals must have a total net worth of less than $750,000, excluding the equity in their primary residence and the business.
Woman Owned Small Business - A Woman Owned Small Business is a small business that is at least 51% owned by a woman or a group of women and operated by a woman. The management and daily business operations must be controlled by one or more women.
Hub Zone - A Hub Zone is a small business that is located in the U.S., is owned and controlled by one or more U.S. citizens or by a Community Development Corporation or Indian tribe, and has its principal office located within a historically under-utilized business zone. Also, at least 35% of its employees must reside in a Hub Zone.
Veteran Owned Small Business and Service Disabled Veteran Owned Small Business - A Veteran-Owned Small Business or Service Disabled Veteran Owned Small Business is at least 51% owned and operated by one or more veterans or service disabled veterans and whose management and daily business operations are controlled by veterans or service disabled veterans. Veterans are persons who served in the active military, naval, or air service, and who were discharged or released under conditions other than dishonorable. Service disabled veterans are veterans with a disability that is service connected.