The future looks promising for budding entrepreneurs and small-time business owners in the Metro DC area. The federal government has awarded Maryland’s Department of Business and Economic Development another grant in support of financing programs for small businesses.
Small Local Enterprises Get a Big Break
The $7.6 million funding is part of the State Small Business Credit Initiative (SSBI), a $1.5 billion project of the Department of Treasury. Created alongside the Small Business Jobs Act of 2010, the project’s primary goal is to lend support to small enterprises and manufacturers. Under the initiative, participating states receive grants from the government to create programs that can finance creditworthy businesses.
The federal government has allocated $23 million for Maryland. This SSBCI funding is to be awarded in three installments. The first, amounting to $4.8 million, was received in 2011. The $7.6 million received this March makes up the second tranche. So far, the state has received $15 million in funds overall.
Land of Opportunity
Maryland has a robust economy that is deeply rooted in information technology, biosciences, and international trade, among others. More than 90% of its 166,000 businesses are small enterprises with fewer than 100 employees, some of whom work in a virtual office in Maryland. They make up roughly 36% of the state’s total private sector workforce.
The state also has the second highest concentration of professional and technical workers across the country. It ranks third among the states in terms of educational attainment. More than 37% of Maryland’s population aged 25 and over hold a bachelor’s degree or higher. Many of these young people continue on to create start-ups and companies of their own.
Office Space Solutions for Small Business Owners (SBOs)
Metro Offices has been helping agencies, solopreneurs, and business owners get established for years. We do this by providing high-quality workspace solutions, including virtual office space in Maryland, DC, and Northern Virginia. They feature the technology and facilities to give your small business the boost it needs.
Our solutions are tailored to your work style and requirements. Call (703) 871-5208 today to determine the best option for your business.