Lt. Governor Brown, Congressman Cummings, Congresswoman Edwards Host Minority Business Enterprise Conference at Bowie State University

 Brown Announces New Linked Deposit Program to Stimulate Opportunities for Minority Business Enterprises

 

BOWIE, MD (March 20, 2009) – Lt. Governor Anthony G. Brown, along with Congressman Elijah Cummings (District 7), Congresswomen Donna Edwards (District 4), the Governor’s Office of Minority Affairs, and Bowie State University, hosted a Minority Business Enterprise (MBE) Conference today at Bowie State University. The conference aimed to connect small, minority- and women-owned business with opportunities for state and federal procurement and attracted more than 275 attendees. Congressman Chris Van Hollen (District 8) attended and addressed the conference, as well.

During the conference, Brown announced a new program run by the Maryland Department of Housing and Community Development (DHCD) that allows minority-owned firms to more easily access business loans. The Maryland Linked Deposit program helps MBEs access affordable capital.

“Minority owned businesses play an important role in revitalizing our communities, creating jobs and helping our economy to grow,” Lt. Governor Brown said. “Maryland’s Linked Deposit program, modeled after similar efforts being adopted by states across the country, will help Minority Business Enterprises get the working capital they need to innovate and grow.”

This is the first MBE Conference hosted by Lt. Governor Brown, Congressman Cummings and Congresswoman Edwards. The conference highlighted the O’Malley-Brown administration’s commitment to small and minority-owned business. Furthermore, it provided an opportunity to showcase the State’s ongoing partnership with the Federal Government, including the Maryland Congressional Delegation and the Department of Defense (DoD), in its efforts to remain ‘BRAC ready.’ In doing so, the conference highlighted the diverse pool of industry sectors readily available in the state of Maryland to assist in meeting the needs of the DoD.

“As our nation digs its way out of the current economic downturn, small businesses will be vital to our efforts. While there is no overnight solution to fix the fallout from the past eight years of poor economic policy, the road ahead of us is undoubtedly long.  Small businesses will be the mobilizing force behind our economic growth. We have a responsibility to ensure that there are resources dedicated to helping small businesses navigate the procurement process to create an opportunity for a win-win situation,” Congressman Cummings said.

While there are a wide array of potential business opportunities on the horizon because of BRAC, data and field observations demonstrate that small, minority- and women-owned, and other disadvantaged businesses remain unaware of contracting prospects with the DoD. Today’s conference provided specific breakout groups to better educate small and minority- and women-owned businesses about these opportunities.

“In our roles as elected officials, Rep. Elijah Cummings, Lt. Governor Anthony Brown, and I have been working to promote minority- and women-owned businesses across the state of Maryland and our nation,” said Congresswoman Donna F. Edwards. “While I am proud of the fact that the state of Maryland currently leads the nation in opportunities for minority- and women-owned small businesses, we must continue to work together to ensure that our state’s small businesses, a core component of our state’s economy, flourish and lead the way to our economic recovery.  With persistence and hard work, we can improve the capacity of minority- and women-owned small businesses to earn contracts with the federal government.  I thank Rep. Cummings and Lt. Governor Brown for helping organize today’s conference and I look forward to continuing to work with them on this issue in the future.” 

Earlier this week, Governor Martin O’Malley and the Governor’s Office of Minority Affairs released the Minority Business Enterprise Annual Report. Since taking office, the O’Malley-Brown administration has increased MBE contracts by $300 million, a 30 percent increase. In addition payments to African American-owned firms in Fiscal Year 2008 increased by 58 percent over Fiscal Year 2006.

Brown, who has been tasked by Governor O’Malley with leading the administration’s economic development efforts, announced the launch of DHCD’s new Maryland Linked Deposit program during the conference.

The Maryland Linked Deposit program allows certified MBEs to borrow up to $1 million at a two percent discount. The loan acts in the same manner as a conventional capital loan and MBEs can use the capital to expand business, hire new employees, and invest in new technology. Participating lenders include Bank Annapolis, Columbia Bank, Hagerstown Trust, NBRS Financial Bank, People’s Bank of Elkton and Sandy Spring Bank.

“Linked Deposit couldn’t come at a better time,” added Special Secretary Luwanda Jenkins, of the Governor’s Office of Minority Affairs. “With the downturn in the economy, small and minority-owned firms face even more difficulties in obtaining working capital. This is another example of why Maryland is a national leader in the area of minority business enterprise.”

“This program stabilizes neighborhoods and represents a unique partnership between local banks, Minority Business Enterprises and the State of Maryland,” Department of Housing and Community Development Secretary Raymond A. Skinner said.

Maryland’s small and minority business community is among the most vibrant in America. Maryland has more women-owned and African American-owned business, per capita, than any other state. In addition, the State’s ambitious goal of 25 percent MBE participation is the highest goal in the nation. MBE contracts are reviewed regularly through StateStat. Additionally, the State monitors the MBE requirements on all State contracts prior to approval by the Board of Public Works.

 

For more information on Maryland’s Linked Deposit Program, visit:
http://www.neighborhoodrevitalization.org/Programs/LinkedDeposit/Index.aspx

For more information on Governor’s Office of Minority Affairs, visit:
http://www.mdminoritybusiness.com

 

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