Maryland MBE program announces net worth cap rise

MD News - Published Jan 02, 2024

The Office of Minority Business Enterprise (OMBE) within the Maryland Department of Transportation (MDOT) has announced that the personal net worth cap for minority-owned businesses (MBEs) that it certifies will be lifted, effective January 1st of 2024, from $1,995,008 to $2,073,412.

Following this change, businesses that are otherwise eligible for MBE certification and which are owned by an individual meeting the new personal net worth cap will be able to be certified by MDOT OMBE. The personal net worth cap OMBE institutes is adjusted every year, taking into account data including the Consumer Price Index. The personal net worth cap for the state's DBE program is unaffected.

Find the OMBE's home page at https://gomdsmallbiz.maryland.gov/Pages/mbe-Program.aspx.