Small Businesses Will Have Access to Much Needed Capital
Annapolis (April 9, 2012)—The Maryland General Assembly demonstrated their commitment to Maryland's small businesses with passage of the Lend Local Act (H.B. 571, S.B. 792).
"The General Assembly went beyond the rhetoric and chose small business over the big banks,” said Jason Judd, founder of Maryland Business, Maryland’s small business advocacy organization.
“Maryland is moving in the right direction, at last putting more of the state’s public deposits to work in Maryland's economy. Maryland needs more economic policy like Lend Local that really works for Maryland businesses, not just big business.”
“The Lend Local Act provides needed capital to help Maryland's small businesses grow and create jobs,” said Delegate Bill Frick (D-Montgomery), House sponsor and author of the bill. “More of Maryland's tax dollars will stay in Maryland and support Maryland businesses.”
Senator Rob Garagolia (D-Montgomery) sponsored the Senate bill.
Governor Martin O'Malley, State Treasurer Nancy Kopp, and Banking Commissioner Mark Kaufman support this legislation.
The Lend Local Act designates a $50 million linked deposit pool that banks can use to make small business loans, creating jobs and strengthening our local economies.
Local 1994 helped fund efforts to get this bill passed and a number of members sent letters to their legislators urging support of this bill.