SBE Certification for Financial Services Companies

Why SBE Certification Matters for Financial Services Companies

For small businesses meeting SBA size standards.

For financial services businesses, SBE certification opens doors to corporate supplier diversity programs and federal contracting opportunities specifically targeting this sector. Many Fortune 500 companies and government agencies have dedicated spending goals for SBE-certified suppliers in financial services.

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.

SBE Eligibility Requirements

Must meet SBA size standards for your industry (based on employees or revenue).

To qualify as a small business: **Size Standards:** - Must meet SBA size standards for your primary NAICS code - Size standards vary by industry - Based on annual revenue or number of employees depending on industry - Example: Most professional services = $16.5M - $41.5M annual revenue - Example: Most manufacturing = 500-1500 employees **Ownership:** - No specific ownership requirements for basic SB status - Just need to meet size standards **Location:** - Must be a U.S. business

How to Apply for SBE as a Financial Services Business

1. **Step 1: Get Your UEI**
2. SAM.gov will assign you a Unique Entity ID when you register.
3. **Step 2: Register in SAM.gov**
4. Complete your SAM.gov registration (required for all federal contracting).
5. **Step 3: Self-Certify Size**
6. In SAM.gov, self-certify your small business status under your NAICS codes.
7. **Step 4: Maintain Registration**
8. SAM.gov registration must be renewed annually.
9. **No Application Fee**
10. SAM.gov registration is completely free.

Government Financial Services Opportunities

**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.

Other Certifications for Financial Services Companies

SBE Certification for Other Industries