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1. Minority persons, as used herein, means a United States citizen who is economically and socially disadvantaged.
a. Socially disadvantaged individuals are those individuals who have been subject to racial or ethnic prejudice or cultural bias because of their identification as members of a certain group, without regard to their individual qualities.
b. Economically disadvantaged individuals are those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same business area that are not socially disadvantaged.
2. A socially and economically disadvantaged small business means any small business concern which:
a. Is at least 51 percent owned by one or more citizens of the United States who is/are de-termined to be socially and economically disadvantaged.
b. In the case of a concern which is a corporation, 51 percent of all classes of voting stock of such corporation must be owned by an individual(s) determined to be socially and economically disadvantaged.
c. In the case of a concern which is a partnership, 51 percent of the partnership interest must be owned by an individual or individuals determined to be socially and economically disadvantaged, and whose management and daily business operations are controlled by individuals determined to be socially and economically disadvantaged. Such individuals must be involved in the daily management.
The University is concerned that the MBE should benefit only firms owned and controlled by individual(s) determined to be socially and economically disadvantaged. To ensure that this is carried out, each minority business named by a bidder will be verified by the MBE Liaison Officer.