G.S. 143-128.2 defines a “minority business” as a business that is at least 51 percent owned by one or more minority persons or socially and economically disadvantaged individuals. These persons must also control the management and daily business operations. The statute also includes corporations in which at least 51 percent of stock is owned by one or more minority or socially and economically disadvantaged individuals. The statute defines the term “minority person” as a Black, Hispanic, Asian American, American Indian, or female U.S. citizen or lawful permanent resident. A “socially and economically disadvantaged individual” is defined by reference to a federal statute (15 U.S. C. § 637). Socially disadvantaged individuals are “those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities.” 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 who are not socially disadvantaged.” The federal law provides methods of determining economically disadvantaged status based on the individual’s assets and net worth. A socially and economically disadvantaged business is one that is 51 percent owned by one or more socially and economically disadvantaged individuals, an economically disadvantaged Indian tribe, or an economically disadvantaged Native Hawaiian organization.