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Source : Contractor News
October 1, 2021
Author : Kristy Casanova
The City of Chicago will set aside 26 percent of all construction projects for M/WBEs and 6 percent of all construction contracts for WBEs through 2027.
After a recent disparity study, the city of Chicago has decided to extend its set-aside program for minority- and women-owned businesses (M/WBEs). Along with the extension of the program, eligibility requirements will also be broadened in order to appeal to a wider audience.
M/WBEs will now be allowed to qualify for the set-aside program with 150% of the Small Business Administration (SBA) determined size standard laid out by gross receipts. Firms will be able to average out receipts from a longer range of time, now 7 years. The program has also widened qualification by removing specific types of assets and savings when determining personal net worth to determine eligibility.