Small Business Finance News
Maryland Receives $23 Million To Fund Small Businesses
Written by Jenna Weiner
Through a U.S. Treasury Department program, Maryland will be able to lend $23 million to small businesses in the state.
Recent studies have shown that a growing number of small business owners believe the economy is on the upturn, and in order to keep that momentum going in Maryland, state officials have announced a $23 million plan aimed at increasing lending to SMBs.
The state says the $23 million in investments will help increase private lending to small businesses by $230 million throughout the state. The funds, which are part of a U.S. Treasury Department program, are expected to retain or add close to 9,500 jobs in the state - about half of which will be new positions.
Many experts have said that an increase in small business lending is the lynchpin to boosting the economy and helping small businesses grow. However, during the economic downturn, lending channels dried up, something that appears to be changing as the economy gets back on track.
For example, Bank of America recently announced its plan to hire 1,000 small business bankers throughout the U.S. It appears that BoA sees Maryland, specifically the Baltimore region, as an area to focus on as the bank made the city one of the first three - along with Los Angeles and Dallas - to have the newly minted small business lenders.
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