Effective January 1st, The City has increased the owner’s Personal Net Worth (PNW) requirements from $1,457,000 to $1,480,000. Personal Net Worth is commonly determined by subtracting personal liabilities from assets.
The new limits as set annually by the South Region Consumer Price Index state that an applicants’ PNW cannot exceed $1,480,000 after excluding community property, personal residence, and business assets.
MBE/WBE Certification is a tool that qualified minority- and women-owned businesses can use to market their business to the City or to firms who work on City contracts. In addition to meeting the PNW requirements firms must also be owned, managed, and controlled by socially and economically disadvantaged individuals.
Business owners are invited to learn more about MBE/WBE Certification and PNW by attending, Certification 101 at 5:30 p.m. on January 24th at SMBR’s office at 4201 Ed Bluestein Blvd, Austin, 78721.
The City of Austin’s Small and Minority Business Resources Department assists small, minority-owned and women-owned businesses as they pursue contracting opportunities with the City of Austin; encourages Minority Business Enterprises (MBE), Woman Business Enterprises (WBE) and Disadvantaged Business Enterprises (DBE) to participate in City contracts; certifies qualified Small Business Enterprises (SBE) for the Small Business Construction Program; provides bonding education; and oversees the City’s MBE/WBE and DBE contracting goals in the areas of construction, professional services, commodities and non-professional services.