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ECONOMIC DEVELOPMENT

Baltimore is the cultural, geographic, and economic heart of Maryland and residents throughout the state enjoy the benefits of its ports, businesses, universities, sports teams and jobs. However, too often the state prefers to push a negative narrative about the City instead of partnering in its success. Vince believes that by focusing on our small businesses, and with targeted public infrastructure projects, we will continue to grow the vibrant business ecosystem that already exists in Baltimore - - an ecosystem which has and will continue to benefit all Marylanders.  

CURRENT FACTS

  • The median annual income for households in Baltimore is $51,000, which is $10,000 less than annual income across the United States. 

  • Baltimore has a labor force of 3 million people, but we currently have close to 200,000 unemployed individuals. High unemployment rates partially contribute to more than  21% of  Baltimore residents living in poverty. 

  • There are many exciting new projects are underway in and around District 46 such as the $5.5 billion development of Port Covington and $110 million investment for Cherry Hill Park. 

  • Small businesses are the backbone of Baltimore’s economy. Our city is home to more than 12,000 small businesses creating around 150,000 local jobs.

POLICY POSITION

Promote Local, Small Business

  • Help local banks and credit unions expand so that they can meet the needs of small businesses across the city. 

  • Increase the number of local lenders that give SBA 7a (Small Business Administration)  loans so that small businesses can access larger loans at lower interest rates. 

  • Expand city funded lending programs to increase access for small businesses in underserved areas. 

  • Increase programs that help small businesses deal with the aftermath of the covid-19 pandemic. 

  • Promote tax credits programs to small businesses to allow them to hire local talent.

Making Major Projects Work for All Baltimoreans 

  • Ensure that government contracts are given to businesses that hire local laborers and promote union jobs. 

  • Make sure that minority and women owned businesses will have equitable access to office and retail space in major projects. 

  • Promote new housing developments that will provide affordable housing to our residents. 

  • Create community forums that include local leaders in the planning process to ensure that community concerns and needs are met.

Crafting an Equitable Economy

  • Expand job training programs to connect Baltimore residents to quality jobs and career opportunities. 

  • Expand educational opportunities at K-12 schools and beyond to support a thriving urban middle class. 

  • Redevelop the transportation system in Baltimore to ensure everyone has access to high-quality jobs. 

  • Support the creation of green jobs initiatives to ensure that Baltimore’s residents have access to long-term employment opportunities.

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