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O'Malley Outlines Plans To Help Small Businesses
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CBS
With state and the federal governments looking for ways to bring the recession to a close, attention now is being shifted from big business to small business.
Mike Schuh reports the governor unveiled three new incentives Monday for Maryland companies to hire more workers.
Small businesses have been hit hard. Spending is down, costs are up and access to credit is worse. Small businesses have stalled because of frozen credit markets.
"Small business makes up 97 percent of all business in the state of Maryland. It is the backbone of our economy," said Don Fry with the Greater Baltimore Committee.
More than 100 people came to the first ever Maryland Small Business Summit.
O'Malley unveiled a three-part plan, including offering $64 million in small business loans and allowing a $3,000 Maryland tax credit for each unemployed worker hired. The governor's proposal also includes submitting emergency legislation to lower the upcoming rate increase employers pay into the state's unemployment trust fund.
"Small business is the engine. Three out of five jobs are jobs supported by small and family-owned businesses. Extraordinary challenges call for us to take extraordinary actions," said O'Malley.
The governor's staff also says they are pressuring Maryland's Congressional Delegation to target more federal money to help small businesses in the state.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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