Title
AN ACT CONCERNING MINORITY BUSINESS START UP FUNDS for the purpose of adding businesses that are located within the beltway to the Prince George's County Business Expansion and Start-Up Grant Program; adding businesses that are located within the beltway to the Prince George's County Business Expansion and Start-Up Loan program; creating a set aside of twenty-percent (20%) for qualifying businesses within the beltway; defining a County goal of servicing at least fifty-percent (50%) of qualifying businesses that are located within the beltway (the area in the County between the border with the District of Columbia and the Capital Beltway) or within one-quarter mile of a transit station, or within one of the primary or secondary growth sectors outlined in the Approved Economic Development Strategic Action Plan for Prince George’s County within the next five (5) years, and other related provisions.
Background
There is a need in the County to provide financial assistance to African American Business Enterprises through loans and start up grants. This bill proposes to add African American Business Enterprises to the Prince George’s County Business Expansion and Start-Up Grant Program as well as the Start-Up Loan Program with a focus on business in the entertainment sector.