The Maryland Department of Transportation’s (MDOT) Office of Minority Business Enterprise announced that the Personal Net Worth (PNW) cap applied to the Minority Business Enterprise (MBE) Program has increased from $1,713,333 to $1,749,347.
As required by Maryland law, the state’s MBE Program adjusts its PNW 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 PNW 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 this past Jan. 1 and Dec. 31, 2019.
In addition to the PNW cap, firms must meet eligibility requirements for minority status, ownership, control and size. The PNW 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.