Maryland Senate Bill SB657

Maryland 2022 Regular Session

• Introduced: 2/4/22
• Refer: 2/4/22

Caption

Prince George’s Financial Services Corporation – Funding

Impact

The bill highlights an effort to enhance small business viability by improving access to capital and offering training and technical assistance. By specifically channeling grant funding to support small business owners, the legislation acknowledges the unique challenges faced by businesses in Prince George's County. The initiative forms part of broader economic development strategies that recognize the pivotal role of small enterprises in driving local economies. The bill also requires oversight through audits to ensure the appropriate allocation and use of the funds.

Summary

Senate Bill 657, also known as the Prince George's Financial Services Corporation – Funding Act, seeks to establish financial support for small businesses in Prince George's County, Maryland. The bill mandates that the Governor include an appropriation of $420,000 in the state budget for fiscal year 2024, designated for the Prince George's Financial Services Corporation. This funding aims to bolster the local economy by providing necessary resources to help small businesses thrive and remain competitive.

Contention

While the bill has the potential to empower small businesses, concerns may arise related to the effectiveness and administration of the grant. Some stakeholders may question if $420,000 is sufficient to substantially impact the small business sector. Moreover, mechanisms for ensuring that the funds are utilized effectively will be crucial. Critics might argue that ongoing funding and support systems need to be established to sustain the benefits derived from this initial grant.