“More than 90 percent of Kentucky businesses have 50 or fewer employees, so the importance of small businesses is as obvious as it is significant,” Gov. Beshear said. “My administration has been committed to helping small businesses succeed, and the action being announced today is in keeping with that commitment.”
The new initiative involves the Kentucky Transportation Cabinet, which has implemented a Small Business Enterprise program within its long-established program for Disadvantaged Business Enterprises.
As is already done for DBEs, the cabinet will set a small business participation goal for each transportation project that is assisted by the Federal Highway Administration and is of $2 million or more. Firms can compete for these prime contract and subcontract awards if they become SBE-certified and do not have gross receipts in excess of $22.4 million. SBE goals for projects will be set in addition to DBE goals.
To become SBE-certified, firms must meet criteria established by the U.S. Small Business Administration. In addition, the personal net worth of the firm’s majority owner must be less than $1.32 million. If majority ownership rests with multiple owners, the same limit applies to each.
SBE certification is for three years. At a three-year review date, the small business will be required to submit an updated application for continued eligibility. Once certified, and to remain certified, SBEs must annually submit a “no change affidavit,” personal financial statement and a copy of the most recent federal tax return for the firm and each owner. They must also report matters that may affect their eligibility.Information and application packets are available from the Small Business Development Branch of the KYTC Office of Civil Rights and Small Business Development. Branch personnel can be contacted at (800) 928-3079 or (502) 564-3601, or online at http://transportation.ky.gov/Civil-Rights-and-Small-Business-Development/Pages/SmallBusinessHome.aspx.
Information provided by Office of the Governor
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