MWB stands for Minority and Women Owned Business. It's a designation given to businesses where a majority of the ownership and control are held by individuals belonging to minority groups or women. These businesses are often recognized and supported by government programs and initiatives designed to promote diversity and inclusion in the business world.
Examples of MWBs:
- A technology firm founded and run by a Hispanic woman.
- A construction company owned by a Black family.
- A retail store co-owned by a Native American and an Asian woman.
MWB businesses can play a crucial role in economic development by creating jobs, fostering innovation, and contributing to their communities.
