From Pre-to-Post-Pandemic the Continued Outreach Has Helped County Based Businesses “Emerge Stronger” To Take the Next "Step Forward"
While the economic recovery from COVID was uncertain for many, the Prince George's County Economic Development Corporation was inspired and busy assisting the rebound of small minority and women-owned businesses. Through a multitude of programs, initiatives, and cohorts, close to 800 entrepreneurs that call Prince George's County their business home found support through various initiatives enacted by the EDC including Pathways to Growth & Expansion The C-Suite Accelerator, Emerge Stronger, and the Step Forward Initiative.
Each program contributed to turning the tide for business owners solidifying the EDC's promise that Expansion Starts Here in Prince George’s County.
"The team at PGCEDC focused not just on COVID relief and recovery efforts, but also worked hard to capture heightened entrepreneurial efforts, including fostering new business startups and expanding businesses in the County," said David Iannucci, President & CEO of PGCEDC. "Providing small businesses - the backbone of the American economy – with insights, resources and tools to help them avoid costly mistakes and pitfalls that could impede their growth potential -is one of many ways we assist our business community. Our business development team members are consistently assisting CEOs, developers, and brokers to find, finance and build job creating businesses here in the County."
The Pathways to Business Growth and Expansion program garnered more than 275 businesses participants. This program offered a series of English and Spanish language programming covering site selection, mergers and acquisitions, financing expansion, sales, communications tools, lease agreement negotiation, and more.
PGCEDC also launched The C-Suite Accelerator program, which assisted more than 80 businesses over a five-month period through a series of multi-session groups and individual business coaching programs. The C-Suite Accelerator program also included intensive C-Suite mentorship sessions for business owners.
"The Prince George's County Economic Development Corporation has been so supportive to my business," said Robin Hamilton from The ARound Robin Production Company. “Being a small business owner can be challenging, lonely, and confusing. Having these resources gave me direction and helped me address blind spots in terms of how I was running my company – and what I could be doing better."
The Webinar Wednesday series was launched in April of 2022, where more than 70 companies attended virtual sessions, conducted in both English and Spanish, providing small business owners with financing information from lending partner FSC First. PGCEDC resource partners highlighted procurement opportunities from the Prince George's Community College, the Prince George's Library System, and State agencies. Webinars also covered employment strategies and specific workforce information, marketing for growth, and MBE certification process information in collaboration with the Maryland Department of Commerce, Maryland Department of Labor, and the Maryland Small Business Development Center.
In July, PGCEDC graduated its inaugural Step Forward Initiative cohort consisting of ten minority women entrepreneurs that completed a program sponsored by Wells Fargo, preparing them for the vibrant Prince George's County economic landscape.
This intensive six-month program featured workshops and aligned the women-owned business cohort with EDC Financial Services and Small Business Services Managers for financial literacy mentoring and business operations coaching. Guest speakers covered a number of topics to prepare business owners to identify loan package deficiencies/shortfalls, prepare a completed loan application package ready to submit for funding and have loan applications pre-viewed and prequalified by lenders.
"Designed to serve the needs and challenges of established businesses in their quest to obtain access to capital, the Step Forward Initiative quickly grew to be so much more,” said Ebony Stocks, Executive Vice President of the Prince George's County Economic Development Corporation. “We've encouraged all of our cohort participants and the broader business community to take advantage of our other programs at the EDC. This is just the beginning."
The effect of the programming on Prince George’s County based businesses has been transformative and substantial.
"When I started my business, Savvy Scents, it was the height of COVID-19, and my mortgage-paying job had me traveling a lot internationally; I didn't realize how much of my time was being taken," said Savvy Scents owner, Sherrie Brown. "My sister and I started a business on the side and applying the things I learned from the cohort, I met with a credit union and recently signed contracts to have my products in stores. This really did help me."
For more information about the programs, initiatives and other small business services, the Prince George's County Economic Development Corporation offers, visit www.pgcedc.com.