Baltimore Development Corp. (BDC) released an economic development strategy plan which sets goals of increasing incentives and support for small and mid-sized businesses, and attracting new companies to the city. As reported in The Baltimore Sun:
“Keeping businesses here in Baltimore and helping them grow will continue to be our top priority,” Cole said. “The mayor has come up with a micro-loan program that’s working. It’s reasonable and high impact without being grossly expensive.”
The city has given out $300,000 in small-business loans of up to $30,000 to 14 companies since 2012, including $20,000 for Mindgrub Technologies, which added 20 employees, and $20,000 for The Charmery ice cream shop, which added 10 new jobs. The BDC’s new plan calls for $500,000 more in small-business loans to be awarded each year.
“Small business is the backbone of the economy,” Mayor Stephanie Rawlings-Blake said. “We’re going to continue to look for ways to support it.”
Much of the plan is a continuation of current city policy, including goals of increasing the number of grocery stores, expanding the city’s convention center, building a better fiber network and bolstering Baltimore’s port through an intermodal facility. The increased incentives for small and medium-size businesses are among the few recommendations with a specific dollar figure attached. Cole said he had not yet identified from where the increased funding for small-business incentives would come.
The article notes new goals include increasing incentives for small and mid-sized businesses by $4 million annually and attracting 13 international companies to the city.
For more information read the full article in The Baltimore Sun.