Maryland Ups Personal Net Worth Cap for MBEs

Maryland’s DOT is letting more successful business owners compete in their procurement process.

Source : Contractor News

January 19, 2021

Author : Kristy Casanova

The Maryland Department of Transportation (MDOT) has announced a new effort to increase access and opportunity for Minority Business Enterprises (MBE). 

The state’s Minority Business Enterprise program will increase the Personal Net Worth cap from $1,771,564 to $1,788,677 as of January 1st. However, business firms must still meet eligibility requirements for minority status, control, size and ownership. 

The new threshold will create more opportunities for Minority Business Enterprises and allow them to participate fairly in the procurement process. The MDOT has created this initiative to ensure that both small minority and women-owned businesses have an opportunity and advantage to gain contracts. 

Read More: https://southernmarylandchronicle.com/2020/12/24/new-year-new-cap-for-personal-net-worth-in-marylands-minority-business-enterprise-program/

Category : Minority Business Enterprises Small Business Enterprises Women Business Enterprises Contractor Trades Department of Transportation Diversity Outreach State Government