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File #: 18-0103R    Version: 0 Name: Informational Hearing - The Decline of the Small Business Lending in Baltimore
Type: City Council Resolution Status: In Committee
File created: 9/17/2018 In control: Taxation, Finance and Economic Development Committee
On agenda: Final action:
Enactment #:
Title: Informational Hearing - The Decline of the Small Business Lending in Baltimore For the purpose of inviting representatives from banking institutions doing business in Baltimore, representatives from the Johns Hopkins University’s 21st Century Cities Initiative and other representatives from the local academic community, community leaders, the President and CEO of the Baltimore Development Corporation, and other City officials responsible for economic development to appear before the City Council to explain the decline in small business lending in Baltimore and to discuss ways in which Baltimore can reverse this trend.
Sponsors: Mary Pat Clarke, Bill Henry, President Young, Sharon Green Middleton, Brandon M. Scott, Kristerfer Burnett, Zeke Cohen, Ryan Dorsey, Leon F. Pinkett, III, Robert Stokes, Sr., Shannon Sneed, Edward Reisinger, John T. Bullock
Indexes: Baltimore City, Decline, Informational Hearing, Lending, Small Business
Attachments: 1. 18-0103R~1st Reader, 2. BDC 18-0103R, 3. Finance 18-0103R, 4. MOMWB 18-0103R
* Warning: This is an unofficial, introductory copy of the bill.
The official copy considered by the City Council is the first reader copy.
Introductory*

City of Baltimore
Council Bill R
(Resolution)

Introduced by: Councilmember Clarke


A Resolution Entitled

A Council Resolution concerning
title
Informational Hearing - The Decline of the Small Business Lending in Baltimore
For the purpose of inviting representatives from banking institutions doing business in Baltimore, representatives from the Johns Hopkins University’s 21st Century Cities Initiative and other representatives from the local academic community, community leaders, the President and CEO of the Baltimore Development Corporation, and other City officials responsible for economic development to appear before the City Council to explain the decline in small business lending in Baltimore and to discuss ways in which Baltimore can reverse this trend.
body

Recitals

Baltimore is a city of neighborhoods, and Baltimore’s neighborhoods are driven in part by their ability to nurture and grow small businesses. Our small businesses, however, are finding it increasingly difficult to obtain the access to capital necessary to grow and innovate, threatening the sustainability of those small businesses, the stability of our neighborhoods, and the overall growth and prosperity of our City.

According to a 2018 report published by the Johns Hopkins University’s 21st Century Cities Initiative, in 2007, banks and other lenders made 17,084 loans totaling approximately $457 million to Baltimore small businesses. By 2016, Baltimore small businesses only received 8,274 loans totaling $308...

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