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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.

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

• 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.
  

Procurement and Contracts

• 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.
• The Business Resource Center provides counseling to minority entrepreneurs on certification requirements for the Federal, State and County governments, as well as major employers.

Networking

• 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, International Trade seminars and other major events.
• Most events are co-sponsored with business organizations including area Chambers of Commerce, Women Business Owners of Montgomery County, African American Business Council, Maryland/D.C. Minority Supplier Development Council and various other local groups