According to a report from the New York Fed, Black businesses experienced the “most acute decline†in business ownership last year, strongly as a result of the pandemic. In fact, Black-owned businesses dropped by nearly 41% from just February to April. One of our goals here at Applied Development is to help lift up other minority-owned businesses, especially those local to us. The list of resources below is a great place to start, whether you are just joining the Baltimore Black-owned business community or have been part of it for years.
Maryland and Baltimore Black Chamber of Commerce
Along with the Baltimore City Chamber of Commerce, Black-owned businesses in the Baltimore area have other options.
The first is the Greater Baltimore Black Chamber of Commerce (GBBCC). Founded in Black History month in 2006, this Chamber serves Howard County, Baltimore County, and Baltimore City with a few outliers in Anne Arundel County and Prince Georges County, as well.
The Maryland Black Chamber of Commerce is also a great resource for Black-owned businesses across the state. Both of these Chambers offer resources, events, help with business development, and legislative advocacy.
While there is an annual fee to join either Chamber, the benefits often greatly outweigh the cost.
The Mayor’s Office of Minority and Women-Owned Business Development Department
Baltimore City is strongly supportive of Black-owned and other minority-owned businesses. Working with the Mayor’s Office of Minority and Women-Owned Business Development (MWBD) can greatly benefit Black business owners in the city.
One of their top objectives is to “dramatically increase the number, magnitude and success rate of minority-owned and women-owned businesses in Baltimore City.†One of the primary ways they meet this objective is by providing strong networking and outreach opportunities.
You can also become Minority Business Enterprise (MBE) certified through the MWBD, which puts you on the list of MBE and Women’s Business Enterprise (WBE) for Baltimore.
State of Maryland Business Express
Funding can be hard to come by as a small business. The State of Maryland offers a number of resources and programs to help Black-owned and minority-owned businesses access cash and credit. Additionally, they provide resources to help with business planning, growth, working with the Federal Government, and more.
You can also receive an MBE or WBE certification through the state in a similar process to the City of Baltimore. Getting started with the State of Maryland is simple, especially if you already have a registered business.
National Assistance for Black-Owned Businesses
One of the top resources for black-owned businesses across the country is the Small Business Association (SBA). The SBA has funding programs, local branches, and can even help you learn how to secure government contracts.
Applied Develop Supports Black-Owned and Minority-Owned Businesses
As a black, woman, veteran-owned business, Applied Development takes pride in supporting other Black- and minority-owned businesses in Baltimore and around the country. We also make it part of our mission to get involved in mentorships and other local outreach.
If you have question or would like to learn more about the Applied Development mission, give us a call today at 410.571.4016 or contact us online!