“More Capital Out to Minority Enterprises,” Among Many Business Solutions, Cardin Panel
Maryland has the highest representation of minority and women-owned businesses in the nation. However, those enterprises suffer disproportionately from being denied access to funding. And when they do access capital, much less is typically offered at higher interest rates, according to the U.S. Department of Commerce Minority Business Development Agency. How do we address this? Well, John Lewis, Executive Vice President of the Harbor Bank of Maryland, testified recently to the Senate that "community banks are the solution as they are essential to small business asset development."