Annual Adjustment Required by Law
HANOVER, Md. (December 16, 2011) The Maryland Department of Transportations Office of Minority Business Enterprise (OMBE) announced that the Personal Net Worth (PNW) cap applied to the Minority Business Enterprise (MBE) Program will increase from $1,530,652 to $1,577,337 effective January 1, 2012.
As required by Maryland law, the States MBE Program adjusts its PNW cap annually based on the Consumer Price Index. OMBE, 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 January 1, 2012 and December 31, 2012. 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 which became effective on February 28, 2011 remains $1,320,000.
For information about MBE/DBE certification, contact OMBE at 410-865-1269 or visit the Minority Disadvantaged Business Enterprise tab at www.mdot.maryland.gov.
Source: Maryland Department of Transportation