Maryland Lends a Hand to Small Businesses

January 19, 2012

One common thread many Americans share is their pursuit of the American Dream

Small business owners in particular dedicate most of their waking hours to their businesses.  They are the lifeblood of American society and the source of most jobs. 

Consider these facts*:

-There are 27+ Million small businesses in the US.

-Between 60% & 80% of all new jobs created in our country can be attributed to small business

Unfortunately, small businesses are struggling more than ever.  A recent Gallup Poll stated that 41% of small business owners said that government was somehow related to the biggest problem facing their companies.  Moreover, 22% of small-business owners view the costs of complying with government regulations as a bigger problem than any other issue. 

The state of Maryland had an estimated total of 526,663 small businesses in 2008.  Of these, 109,963 were employers who accounted for more than half- 52.4% of private-sector jobs.  Small firms made up 97.6% of the state’s employers.  Maryland’s small business employment has undergone major shifts in the last five years in which more new jobs were added by small businesses than by firms with more than 100 employees.**

One of Dale Carnegie’s quotes by which all entrepreneurs should live is, “Do the thing you fear to do and keep on doing it… that is the quickest and surest way ever yet discovered to conquer fear.”  Instead of fear, small business owners should focus on who can help them and what programs are available for support.  Often times, small businesses owners are so knee-deep in tasks at hand, they are unaware of available helping hands. 

There is GOOD NEWS for owners of small businesses in Maryland.  This week, the Maryland Department of Business and Economic Development is launching an advertising campaign showcasing four of the state’s small business financing programs.  The $150,000 campaign was created by Baltimore’s Pinnacle Communications. 

The 10-week campaign entitled, “Financing that Fits,” will run until April 1st and includes local radio spots and online advertising.  The following four programs will be promoted in the ad campaign:

  • Maryland’s Small Business Development Financing Authority, which promotes expansion by economically or socially disadvantaged entrepreneurs and small businesses;
  • Maryland’s Industrial Development Financing Authority, a loan-guarantee program that helps businesses secure bank loans;
  • the Maryland Venture Fund, a state-sponsored fund for seed and early-stage companies; and,
  • the Neighborhood Business Works program, a gap financing program for small businesses expanding in so-called sustainable communities like transit-oriented developments.

These programs stand to receive a $23 million boost from the federal government’s State Small Business Credit Initiative.  Over the next three years, DBED expects to receive $7.3 million per year that it plans to apply toward the four programs.

This post is brought to you by Dale Carnegie Training of Maryland and the DC Metro Area. We would love to connect with you on Facebook and Twitter.

Photo Credit: Get Busy Media 

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