For Immediate Release
December 22, 2020
Sabrina Bass, 410-865-1269
MDOT Office of Minority Business Enterprise
New Year, New Cap for Personal Net Worth
in Maryland's Minority Business Enterprise Program
HANOVER, MD – The Maryland Department of Transportation's (MDOT) Office of Minority Business Enterprise (OMBE) today announced the Personal Net Worth cap applied to the state's Minority Business Enterprise (MBE) program will increase from $1,771,564 to $1,788,677, effective January 1, 2021.
As required by Maryland law, the state's MBE program adjusts its Personal Net Worth cap annually based on the Consumer Price Index. MDOT, as the official certification agency for the state, is responsible for calculating the annual cap. The Personal Net Worth cap applies to any disadvantaged owner whose ownership interest in a firm is relied upon for certification in the MBE program and all MBE certification decisions rendered between January 1, 2021, and December 31, 2021. In addition to the PNW cap, firms must meet eligibility requirements for minority status, ownership, control and size.
The Personal Net Worth cap in place for the federal Disadvantaged Business Enterprise (DBE) program is not affected. Accordingly, the DBE cap on personal net worth remains $1,320,000.
MDOT is committed to ensuring that small minority and women-owned businesses have the opportunity to participate fully and fairly in the procurement process. The certification process ensures that bona fide disadvantaged firms receive the MBE designation in support of the State's minority business inclusion efforts.
For information about MBE/DBE certification, contact OMBE at 410-865-1269 or visit the Minority Disadvantaged Business Enterprise webpage under the MBE tab found at www.mdot.maryland.gov.