HANOVER, MD—The Maryland Department of Transportation’s Office of Minority Business Enterprise today announced the Personal Net Worth cap applied to the Minority Business Enterprise Program will increase from $1,995,008 to $2,073,412, effective January 1, 2024.

As required by Maryland law, the state’s Minority Business Enterprise Program adjusts its personal net worth cap annually based on the Consumer Price Index. The Maryland Department of Transportation, as the official certification agency for the state, is responsible for calculating the annual cap.

The personal net worth cap applies to any disadvantaged owner whose ownership interest in a firm is relied upon for certification in the Minority Business Enterprise Program, and all Minority Business Enterprise certification decisions rendered between January 1, 2024, and December 31, 2024. In addition to the personal net worth cap, firms must meet eligibility requirements for minority status, ownership, control and size.

The personal net worth cap in place for the federal Disadvantaged Business Enterprise program is not affected. Accordingly, the Disadvantaged Business Enterprise cap on personal net worth remains $1,320,000.

The certification process ensures that bona fide disadvantaged firms receive the Minority Business Enterprise designation in support of the state’s minority business inclusion efforts.

For information about Minority Business Enterprise/Disadvantaged Business Enterprise certification, contact Office of Minority Business Enterprise at 410-865-1269 or visit the Minority Disadvantaged Business Enterprise tab at https://www.mdot.maryland.gov.

To download Personal Net Worth form for submission, click here.