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MDOT raises personal net worth cap for MBEs

The Maryland Department of Transportation's (MDOT) Office of Minority Business Enterprise (OMBE) has announced that effective January 1st, 2022, the personal net worth cap for firms certified as minority-owned businesses (MBEs) under its auspices will be raised from $1,788,677 to $1,847,024.

The rise in the personal net worth cap is due to MDOT's obligation to adjust the cap on an annual basis with reference to the Consumer Price Index. Other certification standards for the Maryland MBE program have not been changed, and the personal net cap for the Disadvantaged Business Enterprise (DBE) program remains in place at $1,320,000.

Read the press release from MDOT (including a form for submission for certification) at https://mdot.maryland.gov/tso/pages/newsroomdetails.aspx?newsId=606&PageId=38.