MD Leads in Minority-Owned Business Success

Maryland leads in supporting minority-owned businesses, with high pay, longevity, and a vibrant ecosystem reflecting its rich diversity.

Maryland is setting the standard for minority-owned business success, recently earning the top spot in Lending Tree’s nationwide report on where these businesses thrive. With a robust economy and comprehensive state support, Maryland has cultivated an environment where minority entrepreneurs and employees can succeed. Montgomery County is home to the three most diverse cities in the nation, according to WalletHub.

Lending Tree’s report highlights several key metrics that place Maryland at the forefront:

• Minority-owned businesses in Maryland rank 4th in the nation for pay per employee, showcasing a commitment to equitable compensation.
• Minority-owned businesses make up 25.4% of all companies in Maryland, the 6th highest share in the country.
• Over half (56.6%) of Maryland’s minority-owned businesses have been operating for six years or more, ranking 10th in the US.

Governor Wes Moore recently highlighted the success of the Small, Minority, and Women-Owned Business Account, which provided $21.3 million in financial support to over 170 businesses in FY24. This funding helped create 732 new jobs, retain 1,866 jobs, and leverage $16.4 million in private capital. Since its launch in 2013, the program has supported 14,300 jobs and attracted over $240 million in private investment.

The distribution of funds is overseen by a variety of eligible fund managers, including Anne Arundel County Economic Development Corporation; Baltimore County Economic Development; Baltimore Development Corporation; FSC First; Howard County Economic Development Authority; Maryland Capital Enterprises, Inc.; Meridian Management Group, Inc.; Montgomery County Economic Development Corporation; and Tri County Council for Western Maryland.

These achievements underscore Maryland’s commitment to cultivating minority business success and a broader focus on economic diversity. Maryland made intentional investments in programs that empower minority entrepreneurs, including:

From the press release:

“Success among minority business owners is no surprise, given Maryland’s track record of supporting minority-owned businesses,” said Maryland Commerce Secretary Kevin Anderson.

Maryland continues to lead the way and serves as a model for diversity and inclusion in business and beyond.

Read the full press release.