§ 323-1-S3. Small Business Enterprise; SBE.

"Small business enterprise" or "SBE" shall mean a firm for which the gross revenue or number of employees averaged over the past three years, inclusive of any affiliates as defined by 13 C.F.R. Sec. 121.103, does not exceed the size standards as defined pursuant to 15 U.S.C. Section 632 and 13 C.F.R. Section 121.101, et seq. and for which the personal net worth of each owner does not exceed $750,000.00. An SBE also must meet all of the following:

(a)

Such business shall have been in existence at least one year prior to application for participation in the SBE program;

(b)

Such business shall have maintained fixed offices located within the geographic boundaries of Hamilton County for at least one year prior to application for certification as an SBE;

(c)

Such business must perform a commercially useful function;

(d)

Such business has been certified by the city;

(e)

The personal net worth of each owner of such business cannot exceed $750,000.00 at the time of initial certification or recertification, or at any time during the certification period. If an owner is married, the aggregate net worth of the owner and his or her spouse may not exceed $750,000.00. Net worth shall be determined as follows:

(1)

Contingent liabilities, transfers to immediate family members within two years of the application for SBE certification or recertification, and the value of retirement accounts not subject to a significant withdrawal tax penalty are included in the calculation of net worth; but

(2)

Equity in the owner's primary residence, the value of the owner's ownership interest in the business applying for SBE certification or recertification, and the value of retirement accounts subject to a significant withdrawal tax penalty are not included in the calculation of net worth.

(f)

Each individual upon whom eligibility is based and his or her spouse must file a separate, detailed personal financial statement;

(g)

All owners of such business must be United States citizens;

(h)

Such business or joint venture must meet the definition of independent ownership and control; and

(i)

Franchisees and brokers are not eligible to be certified as SBEs.

(Ordained by Ord. No. 307-2015, § 4, eff. Jan. 1, 2016)