Minority Business Enterprises - Coordination of Resources

HB 1432 requires Maryland's Governor's Office of Small, Minority, and Women Business Affairs (GOSMWA) to coordinate with the Department of Commerce and the Office of the Comptroller to promote existing benefits and incentives for minority business enterprises (MBEs). MBEs - defined as businesses owned by minorities at 51% (publicly owned) or 50% (other) thresholds - will directly benefit from this coordination, including access to tax incentives, grants, and technical assistance in enterprise zones. The bill mandates GOSMWA to establish a mentoring program for MBEs (offering recognition and networking opportunities to mentors) and include annual analyses of coordination efforts in reports for 2026-2028, evaluating impacts on MBEs and suggesting improvements. These concrete policy changes aim to streamline support for MBEs through interagency collaboration.