Support for Minority and Women-Owned Businesses in Transportation Sector
This act aims to facilitate access for small businesses, especially those owned by minorities and women, to transportation and infrastructure contracts. Changes include updating net worth caps, streamlining certification processes, and increasing financial and advisory support, which should help these businesses grow and increase their participation in federal projects.
Key points
Increased net worth caps for businesses, allowing more companies to qualify as disadvantaged.
Standardized certification process, meaning a certificate obtained in one state will be recognized in others, making it easier for businesses to operate across a wider area.
Greater financial support and mentorship programs for small businesses to help them grow and secure larger contracts.
Extension of the gross receipts evaluation period from 3 to 7 years, providing more flexibility in meeting qualification criteria.
Status:
Expired
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