Maryland Ranks Top State For Minority-Owned Businesses, Supports Thousands Of Small Business Jobs In FY24

BALTIMORE, MD (November 15, 2024) — Governor Wes Moore today announced that Maryland has been named the number one state for minority-owned businesses, according to a recent analysis by Lending Tree. The state earned top 10 rankings in three of five Lending Tree metrics, including the percentage of minority-owned businesses in the state; the ratio of pay relative to all businesses; and the longevity of business operations.

This latest ranking comes on the heels of the Maryland Department of Commerce’s announcement that its Small, Minority and Women-Owned Business Account supported more than 170 businesses and an estimated 2,598 jobs in Fiscal Year 2024. The program, which continues to grow under the Moore-Miller Administration, provided $21.3 million in financial support, helped retain 1,866 jobs and created 732 new jobs, and leveraged $16.4 million in private sector capital throughout Maryland according to the agency’s latest annual program report.

“Our Small, Minority and Women-Owned Business Account is one of the most critical programs to grow our economy,” said Gov. Moore. “Since its inception in 2013, the program has supported more than 14,300 new and retained jobs, leveraging more than $240 million in private capital investment. Our Administration will continue to prioritize investments for small, minority, and women-owned businesses—their success is critical to our success as a state.”

Created with the small business owner in mind, the program uses proceeds from video lottery terminals to assist small, minority, and women-owned businesses located in targeted areas surrounding Maryland’s six casinos. At least 50 percent of fund allocations are deployed to businesses located within the casino area, while the other 50 percent are available to small businesses throughout the state.

The distribution of funds is overseen by a variety of eligible fund managers, including Anne Arundel County Economic Development Corporation; Baltimore County Economic Development; Baltimore Development Corporation; FSC First; Howard County Economic Development Authority; Maryland Capital Enterprises, Inc.; Meridian Management Group, Inc.; Montgomery County Economic Development Corporation; and Tri County Council for Western Maryland.

“This program is one of the most important and effective tools in Maryland’s economic development toolbox, helping unlock new strength and new opportunity for small businesses across the state,” said Maryland Department of Commerce Secretary Kevin Anderson. “We look forward to continuing to work with our partners to distribute funding statewide.”

To learn more about financial incentives and business resources offered in Maryland, visit commerce.maryland.gov.

About Maryland Commerce

The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the state’s many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the arts, film production, sports and other special events. For more information, visit commerce.maryland.gov.