In Focus: Some resources like – schemes, initiatives & grants that are available for women entrepreneurs in Maryland
#WomenEntrepreneurs #MarylandBusiness #Trailblazers #StartupSuccess #EmpoweringWomen
Maryland, known as the “Old Line State” or the “Free State”, is leading the way in empowering women entrepreneurs and also fostering a thriving entrepreneurial ecosystem. With the highest rate of women-owned businesses per capita in the US, Maryland boasts of a dynamic & inclusive business environment. In fact, 52% of businesses in the state are owned by women, making Maryland a trailblazer in women-led entrepreneurship.
Breaking Barriers: Women Entrepreneurs in Maryland Leading the Way
This state’s entrepreneurial success is rooted in its access to world-class institutions like Johns Hopkins University, the University of Maryland, and the National Institutes of Health, which fuel innovation and provide a springboard for women entrepreneurs.
Maryland’s close proximity to Washington DC, combined with its growing tech and biotech industries, makes it a hotspot for startups. Programs like the Maryland Capital Enterprises (MCE) and the Small, Minority, and Women-Owned Business Loan Fund are instrumental in providing women access to – funding, mentorship & business networks.
Maryland’s startup ecosystem is changing – with a diverse blend of entrepreneurs & innovators and women are playing a transformative role in this development. Women entrepreneurs in Maryland are increasingly driving – growth, innovation & economic expansion, creating businesses that not only thrive but also contribute to the state’s economy in unique ways.
Women entrepreneurs in Maryland are entering various fields – from technology & healthcare to retail and education. And, interestingly, their ventures are not only diverse in terms of sectors but also in their approaches – addressing societal issues such as healthcare access, education equality & environmental sustainability. Most importantly, this commitment to purpose-driven entrepreneurship is a defining characteristic of many women entrepreneurs in the state.
So, Maryland is home to a thriving startup community with various sectors experiencing exponential growth.
However, challenges remain. While Maryland ranks first for women in employment and earnings, female entrepreneurs still navigate obstacles like gender bias and access to high-level networks. Despite these hurdles, women entrepreneurs in Maryland are rewriting the narrative by driving innovation, addressing societal challenges, and contributing significantly to the state’s economic growth.
Here are some resources that are available for women entrepreneurs in Maryland like schemes, initiatives and grants.
> Maryland Women’s Business Center (MWBC)
Maryland Women’s Business Center (MWBC) works with entrepreneurs across Maryland’s capital region. Maryland Women’s Business Center helps women entrepreneurs & small business owners achieve economic growth in Maryland’s Capital Region – through entrepreneurial training, access to funding sources & strategic business counseling.
Through their resources, they encourage women to start, sustain & grow their businesses. Through workshops, individual counseling, facilitated peer group support, special resources & access to capital, MWBC annually helps more than 1,500 women gain the skills, connections & also gain the confidence necessary to navigate entrepreneurship.
They have offices in Frederick, Montgomery and Prince George’s Counties.
Maryland Government Agencies
> Maryland Business Express – Small, Minority and Women – Owned Business Certification
The State of Maryland Business Express helps you in many ways – to register, file & launch your business; run your business and prepare for success; and also find new funding, locations & customers.
You can also become a Certified Minority Business Enterprise (MBE). Once a MBE is certified, they are encouraged to explore contracting opportunities for state, county & local government entities.
The Governor’s Office of Small, Minority, and Women Business Affairs also offers resources – including training programs, to help small, minority, and women-owned businesses navigate state procurement.
> Maryland Small Business Administration (SBA)
The Maryland SBA is supported by a district office in Baltimore, as well as an additional district office in Washington, DC. They provide a number of services including – funding programs, counseling, federal contracting, certifications & disaster recovery.
Additionally, they can also connect you to partner organizations, lenders & other community groups that help small businesses succeed.
Examples of educational programs and events include – a Cyber Summit, How to Do Business with the US Department of Treasury, and Understanding Business Basics for Financial Statements.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-maryland
Maryland Agencies & Non-profit Organizations
> Women Business Owners of Montgomery County
Women Business Owners of Montgomery County is a driving force in the growth, empowerment & success of women entrepreneurs by providing – education, networking, and support to help them reach their goals and elevate their businesses.
Whether it is through webinars or social events, the members have immediate access to other women business owners to support their entrepreneurial journey.
> Maryland Women’s Business Center (MWBC)
The Maryland Women’s Business Center (MWBC) helps women entrepreneurs start, sustain & grow their businesses with confidence by conducting business-related training and workshops, offering one-on-one business counseling, facilitating peer group support, and providing access to capital.
To specify, the Rockville location serves Montgomery county; the Bowie location serves Prince George’s county & the Frederick location serves Frederick county.
> Maryland Small Business Development Center (MSBDC)
The Maryland Small Business Development Center (SBDC) offers free individualized consulting – for start-ups to established businesses. They also offer – comprehensive training programs, for those just thinking about starting a business to established executives, with most classes available at low to no cost.
The Maryland SBDC Network provides Maryland small business owners with access to trusted business advisor volunteers, who have experience in starting and growing businesses. They offer expertise and keen insights that are essential to help you manage your concerns today, and also design solid, long-range plans to secure your vision for the future.
> Bowie Business Innovation Center (Bowie BIC)
The Bowie Business Innovation Center (Bowie BIC) is a business accelerator and expert network serving minority-owned businesses – in Prince George’s County and the Greater Washington Metropolitan Area. Bowie BIC accelerators educate businesses on becoming bankable, equip businesses to pursue government contracts & elevate business performance in all areas during rapid growth and expansion.
The examples include:
Center of Excellence: A place where HBCUs and 8(a) firms can collaborate to pursue federal procurement opportunities that advance efforts in research and development, entrepreneurship, and workforce development.
8(a) Accelerator: Combines practical business training in a small group setting with access to mentors and structured networking activities to help federal government contractors in the U.S. Small Business Administration (SBA) 8(a) business development program learn how to win more federal government contracts and generate more revenue for their companies.
Capital Accelerator: Prepares businesses to access capital and develops a roadmap to “bankability”. The Capital Accelerator includes training and one-one-one technical assistance – to help businesses improve their financial capacity.
Innovate BOWIE!: Celebrates the growing and dynamic City of Bowie entrepreneurial ecosystem, highlighting emerging technologies and market trends that can inspire existing & emerging entrepreneurs.
> Maryland Innovation Center (MIC)
The Maryland Innovation Center (MIC) is focused on one-on-one support and guidance, resources that bring true value & a community of people who champion each other’s success.
The Center’s exclusive network of entrepreneurs, business professionals, investors & teachers have decades of experience across a wide variety of industries to give you targeted insights on your area of focus.
So, whether you are developing your product or customer base, seeking capital or the guidance to scale, MIC helps you create value, communicate your unique edge, and chart a course for long-term achievement.
> SCORE Maryland
SCORE Maryland locations provide a wide range of services to established & budding business owners alike, including:
Free Mentoring: Entrepreneurs can access free, confidential business mentoring in person or remotely via email, phone and video. SCORE mentors are experts in entrepreneurship and related fields, and they meet with their small business clients on an ongoing basis to provide continued advice and support.
Webinars and Courses on Demand: SCORE regularly offers free online events on topics ranging from startup strategies to marketing and finance. Attendees can watch webinars live or view recordings online on their own time.
Library of Online Resources: SCORE’s extensive collection of guides, templates, checklists, blogs, videos, infographics, and more.
Local Webinars and Workshops: SCORE chapters hold free or low-cost in-person or online workshops and roundtable discussions covering various topics.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-maryland
Funding – State and Federal Sources
> U.S. Small Business Administration – Funding Sources
The U.S. Small Business Administration helps small businesses get the funding they need. Funding resources include:
Loans: Start or expand your business with loans guaranteed by the SBA.
Investment capital: Find an investor for your business. Investors make both debt and equity investments.
Disaster assistance: Get help after a disaster with low-interest disaster loans.
Surety bonds: Protect your work and your client with an SBA-guaranteed surety bond.
Grants: Look for government grants that help businesses do scientific research and development.
> Maryland Capital Enterprises (MCE)
Maryland Capital Enterprises Women’s Business Center (WBC) is designed to empower women in starting and expanding small businesses on the Eastern Shore of Maryland, and across the state. It offers a number of services like – training, consulting, one-on-one mentoring, and micro- and small business loans.
Maryland Capital Enterprises provides funding for small and micro enterprises that want to start or expand their businesses. This is the only micro-enterprise organization in the state of Maryland certified as SBA, USDA, and CDFI Intermediary Lender.
> Maryland Business Express – Small, Minority and Women-Owned Business Funding Programs
Maryland offers a variety of programs to support small, minority & women-owned businesses. Here are some of those funding programs:
Video Lottery Terminal Fund: Targeted to help business owners in the areas surrounding Maryland’s six casinos.
Maryland Small Business Development Financing Authority (MSBDFA): Offers a variety of financing programs to promote the viability and expansion of economically and socially disadvantaged entrepreneur-owned businesses.
Minority Business Pre-Seed Fund (MBPF): If you have a viable business opportunity involving a technology-based idea, this program will make investments of up to $40,000 towards developing it into a product to be tested with potential users.
The Neighborhood Business Works Loan Program: It provides flexible financing to small businesses and nonprofits that are located in locally designated neighborhood revitalization areas throughout Maryland.
Microenterprise Loan Program: It creates new opportunities for small business development in Maryland by providing entrepreneurs with flexible funding for start-ups and expansions in designated Sustainable Communities and Priority Funding Areas throughout the State.
https://www.lisamasiello.com/women-entrepreneurs-start-a-new-business-in-maryland
> Amber Grant
WomensNet offers grants to businesswomen in Maryland (as well as all across the United States). They offer three $10,000 business grants to women every month. They call them the Amber Grants for Women, and these grants are awarded monthly. If you do win the $10,000 grant, you’re instantly eligible to earn the year-end $25,000 Amber Grant. Think of the impact that $35,000 would have on your business!!
https://ambergrantsforwomen.com/business-grants-women-maryland/
> 83 Women Grants for Maryland
These are Grants for women entrepreneurs, seed money to individual women, college grants for women, small business grants for women, enterprise grants & grants for minority women.
Avtar Madan
Himanshu
Shree Lahiri
