Governor O’malley Stands Up For Small Business

[MARYLAND.GOV]  GOVERNOR O’MALLEY CHALLENGES BANKS AND REGULATORS TO FIND WAYS TO INCREASE SMALL BUSINESSES LENDING

According to Maryland Governor Martin O’Malley “Small and family owned businesses are the backbone of our economy. They create nearly two out of every three jobs in Maryland. And they are still feeling the pain of the national recession. Too many have been forced to shut their doors during this recession, and too many continue to struggle just to make payroll.”  To show his continued support and concern to keeping them alive, he held a roundtable with banking executives, officials from the Federal Reserve, the Federal Deposit Insurance Corporation, the Department of Labor, Licensing and Regulation, and the Department of Business and Economic Development.  The purpose of the meeting was to find ways to increase small business lending.

In order for small business to weather the economic recession and experience job growth, there must be credit available to them to start and maintain their businesses.  In 2009 the Governor launched the Maryland Small Business Credit Recovery Program which provides a state-funded guaranty of privately-financed small business loans.  In addition, the Federal Reserve has recently held events to bring together stakeholders to create a national policy response on small businesses.

As a means of providing support for small business everywhere, Gov. O’Malley and the Maryland Department of Business and Economic Development played major parts in drafting the State Small Business Credit Initiative Act of 2010.  This proposal would help to capitalize on funding for the 34 states and territories that currently have loan guarantee programs.  It has already been passed by the U.S. House of Representatives and is awaiting action in the Senate.

As the effects of the recession are still being felt across the board, it is important that attention is paid to small businesses because they usually are left to rely on themselves and their customers for everything.  With proper legislation and assistance from the state and federal governments these businesses will continue to be the backbone of Maryland’s and the US’s economy.

To learn more about the roundtable and small businesses read this Maryland.Gov article.



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