| BALTIMORE, MD Thu, Feb 28, 2008 Continuing his support of small and minority-owned businesses in Maryland, Governor Martin O’Malley today announced that the state has approved a $250,000 grant to help establish a new revolving loan fund in Prince George’s County. The grant, which will be administered through the Maryland Department of Business and Economic Development (DBED), will be used to provide working capital to Prince George’s County’s small and minority-owned businesses engaged in government contracting or development projects. DBED officially presented the Prince George’s County Economic Development Corp. with the funds today at the county’s Small Business Initiative 3rd Annual Awards Celebration.
“Supporting small and minority-owned businesses is essential to Maryland’s economic future and a critical part of my vision for a One Maryland economy,” said Governor O’Malley. “This Fund will give Prince George’s County businesses the financial resources they need to create new jobs and new opportunities.”
The decision to create the Fund, known as the Contractors Cash Flow Fund, came when county officials noticed a significant increase in the number of small and minority-owned firms qualifying for private and public commercial development and government contracting opportunities. In addition to the DBED funding, Prince George’s County will provide $612,500 through the County Executive’s Office and the Prince George’s Financial Services Corp.
“This Fund is a clear example of this administration’s responsiveness to the challenges being faced by businesses, as they attempt to accommodate the demands of expansion,” said Prince George’s County Executive Jack B. Johnson. “When SBI informed us that businesses were not able to assume multiple contracts because of cash flow concerns, this collaboration was our proactive response.”
About DBED:
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.
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