Delivering Results

Where Maryland Ranks

Credit for Small Businesses

Job Creation Tax Credit

Investing in Entrepreneurship

BIO 2020 Plan for Maryland

Developing our Workforce

International Business Opportunities

Health Insurance for Small Businesses

Stabilizing the Unemployment Insurance Trust Fund

Small Business Commission

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Supporting Our Small Businesses

Governor O'Malley and Lieutenant Governor Brown understand that there is no government program that is as important or as empowering to a family as a job.  That's why they've been fighting to expand opportunities for Maryland families, help small businesses create jobs, and create the conditions for economic growth in our State.

Under Governor O’Malley’s leadership, Maryland was ranked #2 in the country this year by the U.S. Chamber of Commerce for entrepreneurship and innovation and #3 by the Kaufman Foundation for our ability to move forward in the New Economy.

Maryland has retained jobs better than all but 4 other states in the country and Maryland’s rate of job growth is twice the national rate of job growth. 

Governor O’Malley knows that small businesses are the foundation of our economy, providing 2 out every 3 jobs in our State.  He has fought to expand access to credit for Maryland businesses, provide new tax credits for hiring, and invested in new innovative programs to expand economic growth in Maryland.

During difficult economic times in our nation, Governor O’Malley worked to create the Maryland Small Business Credit Recovery Program to help our small businesses gain access to much-needed capital. 

Governor O’Malley signed the Job Creation Tax Credit to provide small businesses with a $5,000 tax credit for every unemployed Marylander hired under the program; and he worked with the Maryland Chamber of Commerce to stabilize the Unemployment Insurance Trust Fund decreasing the tax burden on small businesses.

In order to create the conditions for businesses to grow and prosper in Maryland, Governor O’Malley recently created InvestMaryland, a public-private partnership aimed at spurring investment and creating jobs in Maryland’s growing Innovative Economy.  This initiative builds on Governor O’Malley’s support of the Maryland Technology Development Corporation - a network of business incubators that provide start ups with the resources and capital they need. 

Under Governor O’Malley, Maryland created the Maryland Export Initiative to help our small businesses export products overseas, and he launched the nation’s first international business incubator in order to connect Maryland businesses with businesses abroad. 

Governor O’Malley established a Small Business Task Force and Commission and released a 10- Point Strategy to Strengthen Small Business in Maryland and deliver results for Maryland’s businesses.  But while progress has been made, Governor O’Malley understands that more needs to be done.

O’Malley-Brown: Delivering Results

Where Maryland Ranks

• Under Governor O’Malley’s leadership, Maryland was ranked #2 in the country this year by the U.S. Chamber of Commerce for entrepreneurship and innovation and #3 by the Kaufman Foundation for our ability to move forward in the New Economy.
• In 2009, Maryland ranked second per capita and fourth overall for Small Business “Innovation Research” Program awards, providing small businesses with $102 million from the U.S. Small Business Administration.
• Forbes ranked Maryland #12 in the country for the best states to do business in in 2009, #8 for labor rank and #7 for growth prospects.  They also cited Maryland as one of only three states where the economy is expected to grow this year.
• Maryland retained jobs better than all but 4 other states in the country, and has a rate of job growth that is twice the national rate of job growth.
• Maryland's unemployment rate remains almost 25% below the national average as the Administration continues to work with local and national business partners to expand opportunity in every part of our state.
• Under Governor O'Malley, Maryland is one of only eight states to maintain a Triple A bond rating certified by all 3 major bond rating agencies—saving taxpayers millions of dollars.

Credit for Small Businesses

• Governor O’Malley created the Maryland Small Business Credit Recovery Program to streamline the loan approval process and allow the State to guarantee a small percentage of loans, helping banks provide much-needed capital for our small businesses.
• During these difficult economic times, Governor O’Malley waived fees for SBA loans on the state level providing nearly $5 million in assistance for our small businesses helping to create or save 400 jobs.

Job Creation Tax Credit

• The Job Creation and Recovery Tax Credit signed into law this year by Governor O'Malley will give any business that hires an unemployed Marylander a tax credit of $5,000.
• Governor O'Malley allocated $20 million for the new jobs program to help small businesses expand.

Investing in Entrepreneurship

• Governor O’Malley recently announced his new InvestMaryland initiative, a public-private partnership aimed at spurring investment and creating jobs in Maryland’s growing Innovation economy. This initiative will create thousands of jobs and secure $100 million in venture capital to unlock hundreds of millions and perhaps billions of dollars in economic activity.

BIO 2020 Plan for Maryland

• After launching Bio 2020, a 10-year, $1.3 billion investment in life science and biotech research and development, the O’Malley-Brown Administration is continuing their strong support in this emerging field by increasing the Biotech Tax Credit from $6 million to $8 million.
• Governor O'Malley was named 2010 BIO Governor of the Year for his outstanding leadership in growing and promoting Maryland’s biotechnology industry. The award was presented by Biotechnology Industry Organization (BIO) CEO Jim Greenwood and Maryland Life Sciences Advisory Board (LSAB) Chairman H. Thomas Watkins.

Developing our Workforce

• Governor O’Malley launched the STEM (Science, Technology, Engineering and Math) and Competitiveness Initiative in order to prepare our workforce for the 21st century and position Maryland as a hub for entrepreneurship in high growth sectors.
• Maryland already ranks second in the nation in professional and technical workers as a percentage of the workforce, and has over 220,000 workers employed in professional, scientific, and technical service industries.
• Through this initiative, Maryland will be able to continue to lead the nation.

International Business Opportunities

• In order to expand trade opportunities in the global marketplace to our small businesses, Governor O’Malley recently created the Maryland Export Initiative tasked with increasing export assistance to our small businesses, creating jobs and leveraging the resources of existing federal and nonprofit partners.
• As part of the initiative, Governor O’Malley has fully funded Export MD grants for FY2011 in order to help our small businesses conducting business abroad.
• Governor O’Malley led the effort to create the nation’s first International Business Incubator. The Maryland International Incubator (MI2) will create opportunities for Maryland businesses by providing them with the resources and assistance they need to achieve successful joint ventures with international companies.

Health Insurance for Small Businesses

• Governor O’Malley created the Health Insurance Partnership in 2007 that provides small businesses wishing to provide their employees with healthcare a 50% subsidy on the premium. Already, the program has provided 1,500 businesses with 10,000 employees access to quality, affordable health insurance.

Stabilizing the Unemployment Insurance Trust Fund

• Working together with the Maryland Chamber of Commerce, Governor O'Malley signed legislation to stabilize the Unemployment Insurance Trust Fund and help small businesses facing higher premiums due to a law signed by Bob Ehrlich in 2005.

Small Business Commission

• Recognizing that small business is the foundation of Maryland’s economy, Governor O’Malley created a Small Business Commission to assist our small businesses in their operations.
• The commission is responsible for creating a standard definition of small business, advocating for full employment and skills upgrades in emerging and growth industries, identifying public/private partnership, and identifying methods to improve resource accessibility for small Minority Business Enterprises.