Washington Administrative Code
Title 326 - Minority and Women's Business Enterprises, Office of
Chapter 326-20 - Certification
Section 326-20-047 - Proof of economic disadvantage
Current through Register Vol. 24-06, March 15, 2024
Evidence of individual social disadvantage must include the following elements:
(1) Submission of narrative and financial information.
(2) Factors to be considered. In considering diminished capital and credit opportunities, the office will examine factors relating to the personal financial condition of any individual claiming disadvantaged status, including personal income for the past two years (including bonuses and the value of company stock given in lieu of cash), personal net worth, and the fair market value of all assets, whether encumbered or not. The office will also consider the financial condition of the applicant compared to the financial profiles of small businesses in the same primary industry classification, or, if not available, in similar lines of business, which are not owned and controlled by socially and economically disadvantaged individuals in evaluating the individual's access to credit and capital. The financial profiles that the office will compare include total assets, net sales, pretax profit, sales/working capital ratio, and net worth.
(3) Transfers within two years.
Statutory Authority: RCW 39.19.030 and 39.19.120. 04-08-093, § 326-20-047, filed 4/6/04, effective 5/7/04.