LGBTBE Certification for Financial Services Companies

For businesses that are at least 51% owned by LGBT individuals.

Financial services is one of the most mature sectors for supplier diversity. Here's why certification matters:

Billion Dollar Commitments: Major financial institutions are among the largest diverse supplier buyers in the world. JPMorgan Chase spends over $2 billion annually with diverse suppliers. Bank of America, Citi, and Wells Fargo each spend over $1 billion. These are not aspirational goals—they are tracked and reported commitments.

Regulatory Expectations: The Dodd-Frank Act established Offices of Minority and Women Inclusion (OMWI) at major financial regulatory agencies, encouraging regulated financial institutions to assess diversity in their procurement. This regulatory backdrop reinforces bank commitment to diverse suppliers.

Broad Procurement Needs: Banks and insurers buy everything—IT services, marketing, legal, facilities management, printing, office supplies, consulting, and more. You don't need to sell financial products to sell to financial services companies.

Community Reinvestment: Financial institutions are evaluated under the Community Reinvestment Act (CRA) and other frameworks that incentivize community investment, including diverse supplier spend.

Insurance Industry: The insurance sector has its own supplier diversity requirements and organizations, providing additional opportunities beyond banking.

Financial services companies in the Billion Dollar Roundtable collectively represent some of the most well-resourced and committed diversity procurement programs in the corporate world.

Must be at least 51% owned by LGBT individuals who are U.S. citizens or lawful permanent residents.

LGBTBE eligibility requires LGBT-identifying ownership plus genuine operational control. NGLCC's review process is modeled on the NMSDC and WBENC frameworks; ownership on paper without real management authority will not pass.

LGBT ownership

• At least 51% owned by one or more individuals who self-identify as lesbian, gay, bisexual, or transgender
• Ownership must be unconditional and not subject to override provisions that effectively give control to a non-LGBT owner
• Ownership interest must be real and continuous, not a nominal or temporary transfer created to qualify
• Owners must be U.S. citizens or lawful permanent residents

Control: management and operations

• LGBT owner(s) must hold the highest officer position (President, CEO, or Managing Member)
• LGBT owner(s) must control day-to-day business operations
• LGBT owner(s) must make long-term strategic decisions including hiring, major expenditures, and client contracts
• Management authority cannot be effectively delegated to non-LGBT individuals through employment agreements or informal arrangements

Business requirements

• For-profit enterprise operating in the U.S.
• Independently operated, not a subsidiary or affiliate where a non-LGBT parent entity exercises control
• Demonstrated business activity: real clients, contracts, or revenue
• No specific years-in-business minimum, though very new businesses may be asked for additional evidence of operations

Step 1: Decide on the fee or the chamber waiver before you start NGLCC's portal FAQ lists a $899 certification fee and a $499 recertification fee, non-refundable, and waives both for applicants who submit proof of current membership in their local affiliate chamber of commerce. Compare that fee with your local chamber's dues before you apply; you do not have to be based in the chamber's city to join it.

Step 2: Gather documents before opening the application Collect everything before you start: articles of incorporation or organization, operating agreement or bylaws showing the LGBT owner's percentage and management authority, stock certificates or membership ledger, government-issued photo ID for the LGBT owner(s), three years of business tax returns (or all available years for newer businesses), a current profit & loss statement and balance sheet, business license, and a representative sample of signed contracts or purchase orders. Having documents ready prevents mid-session interruptions.

Step 3: Create your NGLCC account and complete the application at nglcc.org Start at nglcc.org/certification, which sends you to the NGLCC portal at nglcc.gob2g.com to create your business profile, and work through the full application. The application covers ownership structure, management authority, financial overview, and business capabilities. Answer precisely and consistently; reviewers compare your answers directly against your supporting documents.

Step 4: Upload your document package Upload all documents gathered in Step 2. Label files clearly (e.g., "OperatingAgreement_2024.pdf" rather than "document1.pdf"). Mislabeled or incomplete uploads are the most common reason NGLCC staff issue follow-up requests that delay processing.

Step 5: LGBT identity declaration You self-certify your LGBT identity. NGLCC does not require third-party documentation of sexual orientation or gender identity. Your declaration is treated as confidential.

Step 6: NGLCC review and virtual site visit NGLCC staff check that the file is complete, then an NGLCC-trained site visitor holds a virtual site visit with the majority owner at a scheduled time to corroborate the application. NGLCC's FAQ calls the site inspection a mandatory part of initial certification. Respond promptly to scheduling requests.

Step 7: Certification decision The National Certification Committee meets monthly and makes the final decision. NGLCC's FAQ puts processing at 60 to 90 days once it has a complete application; an incomplete file delays it. Once certified, you're listed in the NGLCC supplier database and can begin using the LGBTBE mark.

Federal Opportunities

Key agencies in the financial services ecosystem:

• Department of the Treasury: Financial management, IT services, economic policy support
• Federal Deposit Insurance Corporation (FDIC): Banking regulation support services
• Securities and Exchange Commission (SEC): Regulatory technology and services
• Consumer Financial Protection Bureau (CFPB): Consumer protection technology and research

Government Financial Services Contracts

• Financial management and accounting services
• IT modernization for financial regulatory agencies
• Economic research and analysis
• Compliance and regulatory technology solutions
• Training and education services for financial literacy programs

Compliance Technology

Federal regulators need technology solutions for:

• Anti-money laundering (AML) systems
• Know Your Customer (KYC) platforms
• Regulatory reporting tools
• Cybersecurity solutions for financial infrastructure
• Data analytics for market surveillance

State and Local

State treasury departments, pension funds, and insurance commissioners all procure goods and services, often with diverse supplier preferences for investment managers, custodians, legal counsel, and professional services.