Maryland is open for business.

That was the prevailing theme at the 10th annual Minority Business Summit, held through this afternoon at the Hilton in downtown Baltimore.

One of Friday’s most interesting sessions was a panel discussion on the future interests of small-business minority owners in the state.

One topic that sparked a lot of discussion was a newly created initiative administered by the Maryland Department of Housing and Community Development called the Maryland Linked Deposit Program.

Designed to stimulate opportunities for certified Minority Business Enterprises, the initiative reduces the interest rate on loans MBEs obtain from participating banks such as Bank Annapolis, The Columbia Bank and Sandy Spring Bank.

Qualified businesses could receive up to a 2% discount on loans not exceeding $1 million.

Sam Lloyd, who was one of the panelists and serves as DBED’s assistant secretary for small business, said:

“Given our focus and emphasis on contracts and the current lending process, whenever you can get 2 points written down, that’s significant.  I think it’s an under-the-radar program with high potential for the future.”

Lloyd also relayed a message from recently appointed DBED Secretary Christian Johansson, stating, “We must do anything and everything to restore business confidence in the state of Maryland.”

Judging from all of the ideas being bounced around from audience members at the panel, there is a great deal of enthusiasm from those who are aspiring to be small-business owners, even during these trying times.

RICHARD SIMON, Multimedia Reporter

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WaPo has an interesting front-page profile today of Annapolis’s St. John’s College and its struggle to attract and enroll minority students. Its goal is shared by many academic institutions, including the University System of Maryland.

Only 35 of St. John’s 489 students are minorities – just over seven percent of the student body.

The story concludes by pointing out how the tables have turned: it’s no longer the school that needs to be convinced that it needs minorities; now, the minority students are the ones who need convincing that St. John’s is the best place for them.

JACKIE SAUTER, Multimedia Editor

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