MARYLAND – The Maryland Department of Transportation’s Office of Minority Business Enterprise has announced a significant development for entrepreneurs and business owners in the state. Effective January 1, 2024, the Personal Net Worth cap for the Minority Business Enterprise Program is set to increase from $1,995,008 to $2,073,412.
Maryland's Minority Business Enterprise Program, in accordance with state law, adjusts the personal net worth cap on an annual basis, taking into account the Consumer Price Index. The Maryland Department of Transportation, serving as the state's official certification agency, is responsible for determining this annual cap.
This adjustment will have implications for any disadvantaged owner whose ownership stake in a company is a crucial factor for certification within the Minority Business Enterprise Program. It will apply to all Minority Business Enterprise certification decisions made between January 1, 2024, and December 31, 2024. Alongside the personal net worth cap, firms must also meet various eligibility criteria related to minority status, ownership, control, and size.
It's important to note that this change will only affect the personal net worth cap for Maryland's Minority Business Enterprise Program, leaving the personal net worth cap for the federal Disadvantaged Business Enterprise program unaffected, which will remain at $1,320,000.
The Maryland Department of Transportation is strongly committed to fostering an environment where small minority and women-owned businesses can actively participate in the procurement process. The certification process plays a pivotal role in ensuring that genuinely disadvantaged firms receive the coveted Minority Business Enterprise designation, further reinforcing the state's dedication to promoting minority business inclusion efforts.
Entrepreneurs and business owners interested in obtaining Minority Business Enterprise/Disadvantaged Business Enterprise certification or seeking additional information can contact the Office of Minority Business Enterprise at 410-865-1269 or visit the Minority Disadvantaged Business Enterprise tab at www.mdot.maryland.gov.
For those looking to download the Personal Net Worth form for submission, it is available here.Â