New Year, New Personal Net Worth Limit in Maryland’s Minority Business Enterprise Program
(HANOVER, MD) – The Office of Minority Business Enterprise (OMBE) at the Maryland Department of Transportation (MDOT) today announced that the personal net worth (PNW) limit for the Minority Business Enterprise (MBE) program will be reduced from $ 1,788,677 to $ 1,847,024, effective January 1, 2022.
As required by Maryland law, the state’s MBE program adjusts its PNW cap annually based on the Consumer Price Index. The MDOT, as the official state certification body, is responsible for calculating the annual ceiling. The personal net worth cap applies to any disadvantaged owner whose participation in a business is claimed for certification in the MBE program and all MBE certification decisions made between January 1, 2022 and December 31, 2022. In addition of the PNW cap, companies must meet the eligibility criteria for minority status, ownership, control and size.
The PNW ceiling in place for the Federal Disadvantaged Business Program (DBE) is not affected. As a result, the DBE limit on personal net worth remains at $ 1,320,000.
MDOT is committed to ensuring that small businesses owned by minorities and women have the opportunity to participate fully and equitably in the procurement process. The certification process ensures that bona fide disadvantaged businesses receive the MBE designation in support of the state’s minority business inclusion efforts.
For more information on MBE / DBE certification, contact OMBE at 410-865-1269 or visit the Minority Disadvantaged Business Enterprise tab at www.mdot.maryland.gov
To download the PNW form to submit, Click here.