10 state resources for Maryland small businesses

05/07/2019| Julie Miller

10 state resources for Maryland small businesses

05/07/2019 | Julie Miller

Maryland has more than 575,000 small businesses, which employ 1.1 million people, according to the U.S. Small Business Administration. The Department of Commerce, along with other state agencies, are always looking at ways to support and grow small business through innovative programs. In celebration of National Small Business Week, here are 10 state resources that small business should have on their radar.

  1. Small, minority and women-owned business owners located in the areas surrounding Maryland’s six casinos may be eligible for funding through the Small, Minority and Women-Owned Business – Video Lottery Terminal Fund.
  2. The Maryland Small Business Development Financing Authority (MSBDFA) offers a variety of financing solutions to promote the viability and expansion of economically and socially disadvantaged entrepreneur-owned businesses.
  3. Small business entrepreneurs in designated Sustainable Communities and Priority Funding Areas may qualify for funding through the Microenterprise Loan program.
  4. The Neighborhood Business Works program provides flexible financing to new or expanding small businesses and nonprofit organizations in Sustainable Communities and Priority Funding Areas throughout the state.
  5. The Maryland Apprenticeship and Training programconnects businesses to apprentices, helping the business build its workforce and retain employees.
  6. The Maryland Defense Networkis an online tool that helps defense contractors build their customer base, identify opportunities to partner with other contractors, become discoverable by government customers, and gain insights on upcoming federal contracts.
  7. Ready, Set, Grow!is a workshop series that travels across the state to connect small, minority, women, and veteran-owned businesses with buyers from state agencies while providing insight on how to navigate the procurement process.
  8. The Small Business Reserve (SBR) program provides small businesses with the opportunity to participate as prime contractors on state contracts by establishing a unique marketplace where small businesses compete against other small businesses instead of larger, more established companies.
  9. Going global can help turn your small business into a much bigger business, but getting started can be a challenge. The ExportMD program helps you get started, providing up to $5,000 in reimbursement for expenses associated with an international marketing project.
  10. The Technical Training Classroom is a series of free classes covering a broad range of topics designed to help small, minority, women, and veteran business owners improve managerial efficiency and gain an insightful understanding of the government contracting arena.

These 10 small business resources are only a portion of the available Maryland resources. To explore more ways to grow your business, check out the Maryland Business Express.

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