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The Maryland Department of Transportation (MDOT) recently announced it is raising the personal net worth (PNW) cap for owners of businesses certified as MBEs, or Minority Business Enterprises. The change went into effect on January 1st of 2023.
The new PNW cap is $1,995,008, up from $1,847,024. The PNW is adjusted on an annual basis, per legislation pertaining to the MBE program. The other eligibility criteria for the state MBE program have not changed, nor is the PNW cap for the federal DBE program affected.
Read the press release from MDOT at https://www.mdot.maryland.gov/tso/pages/newsroomdetails.aspx?newsId=683&PageId=38.