O'MALLEY RELEASES WEEKLY UPDATE FOCUSING ON ECONOMIC AGENDA TO CREATE JOBS, STRENGTHEN SMALL BUSINESSES

“Small and family-owned businesses are the economic engine of our State and the key to how we’re going to move forward from recession to recovery to prosperity again,” said Governor O’Malley. “Strengthening small businesses will help us grow and strengthen our middle class, fuel innovation, and create jobs. It all comes back to jobs.”

In an ongoing effort to expand access to credit for small businesses and create jobs, Governor O’Malley sent a letter today to US Treasury Secretary Timothy Geithner, urging the Treasury Department to “utilize the current under-capitalized Small Business Loan Guarantee programs that most states already have up and running across our country.”

Governor O’Malley outlined three legislative priorities designed to expand access to credit for small businesses and create jobs.

Streamline the loan approval process for small businesses and expand access to credit by strengthening loan guarantees already available to small businesses.
Create jobs by offering a $3,000 tax credit for every unemployed worker it hires.
Introduce emergency legislation to address the rate increase small businesses are paying for the Unemployment Trust Fund.

The Governor also noted the receipt of the final recommendations from the Governor’s Task Force on Small Businesses. The recommendations include:

Extend the State’s Small Business Reserve Program, and define small business as it pertains to State assistance and opportunities.
Retool State financing programs to compliment federal and private sector offerings for small businesses.
Streamline and fast track regulatory review processes.
Establish a center for small business excellence under DBED’s jurisdiction and create a standing Maryland Small Business Commission.
Centralize and effectively market workforce resources.

Governor O’Malley’s economic update for this week can be viewed here.