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| Department of Economic
Development — Minority Business Outreach Program |
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MINORITY BUSINESS OUTREACH PROGRAM
The Montgomery County Department of Economic Development conducts
programs, sponsors events and engages in various other activities
to reach minority businesses. The County has received several
awards for assistance to minority firms. The National Association
of Counties recognized the County's contributions to small
and minority businesses with Achievement Awards for the
Business Resource Center, the Hispanic Business Institute, and
the Small Business and Minority, Female and Disabled-Owned Business
Mentorship Program.
Minority Business Enterprise is defined in accordance with the
Chapter 11B-58 of the Montgomery
County Code and under the State of Maryland's procurement
law. The State's definition of a minority business enterprise
can be found under Frequently Asked Questions at www.mdot.state.md.us.
A Minority Business Enterprise is a business that is at least
51% owned and controlled by one or more minority persons. A minority
is generally defined as an individual who is African American,
Hispanic American, Asian American, Native American, a Woman or
a Disabled person. Additionally, the State of Maryland and Montgomery
County recognize non-profit firms that are organized to promote
the interests of the physically or mentally disabled.
Minority Business Development Activities
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StartRight seminars at the Business Resource
Center offer new and existing entrepreneurs the opportunity
to learn about County resources for business creation and expansion.
The Center assists minority businesses by reviewing business
plans, recommending marketing strategies, offering training
classes through Montgomery College, organizing or co-sponsoring
conferences, operating a Small and Minority Business Mentorship program, and offering direct services to businesses through
the Incubator Without Walls program.
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Some of the partners that help us in these
activities include:
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Chambers
of Commerce and small business organizations Charles W.
Gilchrist Center for Cultural Diversity
Hispanic Business Institute
Rockville Regional Library's Business Information Center
Macklin Business Institute
Montgomery College
Montgomery County Office of Procurement
Business Resource Center
U.S. Small Business Administration |
Financial Resources
- The Department of Economic Development's loan programs address
the need for minority business development and growth. The Business
Resource Center provides technical assistance to clients on
how to prepare loan packages
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The Department's loan programs include:
Small Business Loan Fund, Inc. - Assists small businesses
that may be experiencing problems by making funds available
on more flexible terms and conditions.
Small Business Revolving Loan Fund - Provides loans to
acquire fixed assets, contract financing, expansion capital,
and/or to finance the acquisition or construction of real
estate.
Economic Development Fund - Offers assistance to private
employers in targeted industries to ither retain jobs already
in the County or attract new jobs to the County.
Technology Growth Program - Provides gap financing for
emerging technology-based companies with innovative products or
services.
Montgomery Skills Alliance - Matching funding to County employers
who invest in the professional development of low-wage earners
working for their company.
Microenterprise Funds - Serves as partner with the Development
Credit Fund, Inc. www.developmentcredit.com to provide small loans to minority businesses in Maryland.
Procurement and Contracts
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Annually, the Department of Economic Development
and the Office of Procurement coordinate the Minority Procurement
Forum and Fair. Major employers and government agencies
attend the event to discuss contracting opportunities with minority
vendors. Seminars are also conducted on marketing services and
obtaining contracts.
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The Business Resource Center provides
counseling to minority entrepreneurs on certification requirements
for the Federal, State and County governments, as well as major
employers.
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The Department of Economic Development seeks
to ensure the success rate of minority businesses through activities
such as the Small and Minority Business Conference, Procurement
Fair, Mentorship Program, Incubator Without Walls, International
Trade seminars and other major events.
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Most events are co-sponsored with business organizations
including area Chambers of Commerce, Women Business Owners
of Montgomery County, African American Business Council, Business
and Professional Women, Maryland National Capital Building Industry
Association and various other local groups
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