Baltimore, MD (May 12, 2008) – Mayor Sheila Dixon was joined by United States Senator Benjamin Cardin, Congressman Elijah Cummings, Congressman John Sarbanes, U.S. Small Business Administration Deputy Administrator Jovita Carranza, and local business leaders to promote the Emerging 200 initiative. Baltimore is one of 11 U.S. cities selected to participate in the program designed to give inner-city small businesses the resources necessary to succeed.
The Small Business Administration (SBA) identified Baltimore as a city with a high potential for growth among its inner-city small businesses. Bolstering growth among small businesses is a priority for the SBA, because small businesses can be a tremendous source of new employment. According to a 2005 study, small businesses are the greatest source for new employment in inner cities, and they can account for as much as 80 percent of total employment.
"As everyone here knows, successful small businesses are economic engines capable of powering entire cities forward," said Mayor Dixon. "The Emerging 200 initiative will help them immensely by delivering expert instruction, mentoring and guidance."
Other cities selected to participate in the Emerging 200 initiative are: Boston, Philadelphia, Atlanta, New Orleans, Memphis, Chicago, Des Moines, Milwaukee, Albuquerque, and Oakland.
"Small businesses are the heart of our economy and I am a strong supporter of the SBA’s efforts to reach out and provide support that will enable small business to grow," said U.S. Senator Benjamin L. Cardin, a member of the Senate Committee on Small Business & Entrepreneurship. "The selection of Baltimore to participate in the Emerging 200 initiative is a vote of confidence in Baltimore’s strong small business community and the many resources that are available here to help businesses succeed."
"Small business is a very big business to our communities, creating half of our nation’s gross domestic product and driving our entire economy," added Congressman Cummings. "This initiative will create great new opportunities to help our City thrive, especially as we continue to grapple with a struggling economy nationwide."
"Selection for the Emerging 200 initiative is a wonderful opportunity for Baltimore’s small business community," said Congressman John Sarbanes. "Successful businesses can leverage this kind of federal investment to really kick start growth."
If selected as one of the Emerging 200 businesses, participants will be engaged in an intensive curriculum focused on developing a successful strategy for their business. They will have opportunities to work with mentors, attend workshops and network with leaders in the business and financial community.
"We’re pleased, along with our co-sponsors, to bring Emerging 200 and its MBA-style environment and program, to small businesses in Baltimore," said Stephen D. Umberger, director of the SBA’s Baltimore District Office. "We hope eligible small businesses will take advantage of this tremendous opportunity."
Businesses interested in participating in the initiative are encouraged to register with the local SBA District Office. Eligible companies must be located in Baltimore City, have achieved $400,000 in revenue, and be at least three years old. Interested business owners can