In an effort to help build up small businesses in Maryland, Gov. Martin O'Malley outlined a 10-point plan to strengthen small bus. Building off the progress of his newly formed Small Business Task Force, the plan calls for the creation of the Commission for Small Business and extending the Small Business Reserve program for six more years.
The 10 Point Strategy includes:
- Creating Maryland's first ever Commission for Small Business, built upon the positive momentum of the Small Business Task Force created in July, giving the small business community a permanent sear at the table.
- Expanding assistance to Maryland businesses through the Health Insurance Partnership, fulfilling our capacity to serve 1,500 businesses and 10,000 Marylanders with access to quality, affordable health insurance through employment at a Maryland small business.
- Creating one, uniform loan application for any small business applying for state financing and streamline the state's permitting requirements to further reduce the red tape for Maryland small businesses.
- Matching President Obama's commitment to waive borrowing fees for SBA loans on the state level, including fees for the Maryland Small Business Development Financing Authority, which has financed 26 businesses since July of 2007, providing nearly $5 million in assistance and helping these businesses create and retain 400 jobs.
- Working with the Maryland Congressional delegation to secure greater capital from the federal government for our small businesses.
- Expanding the state's efforts to advance Minority Business Enterprise, further enhancing the unprecedented efforts of the O'Malley-Brown Administration, which has set the highest MBE goal for state agencies in the nation, achieving 22% MBE participation across state government in FY09 and awarding $346 million to African American firms � a 30% increase from the previous year.
- Setting aside a percentage of certain state contracts for small business through the Small Business Reserve Program, extending the program six more years, allowing Maryland small businesses to navigate the bidding process without being overwhelmed by the bidding power of large corporations.
- Working with the federal government, through the Maryland Federal Facilities Task Force, to open up federal procurement and contracting opportunities for more Maryland businesses.
- Working with the business community to find ways to do an even better job providing skills training and promoting career readiness in our schools, particularly as it relates to things like Career and Technology Education (CTE) and Science, Technology, Engineering, and Math (STEM) education.
- Working with the business community to find a sustainable solution to the unemployment insurance challenges facing Maryland small businesses.
Source: Maryland Department of Business and Economic Development
Writer: Walaika Haskins