A new collaboration between M&T Bank Corp. (NYSE: MTB) and the Prince George’s County Economic Development Corp. is aimed at increasing access to small business information and support for Latino entrepreneurs in the suburban Maryland county.
The groups are working together to offer a seven-week business accelerator program completely in Spanish — the first time it’s assuming a language other than English. M&T has run similar English-language programs in Baltimore City and Montgomery, Howard and Frederick counties, but the partners said they saw an unmet met for the growing number of Latino-owned businesses in the region.
“The Latino business community is growing so fast — but there are a lot of needs, especially when it comes to the financial piece,” said Rocio Treminio-Lopez, the Latino business liaison at PGEDC who is also mayor of the town of Brentwood.
Latinos owned roughly 8% of Maryland businesses in 2021, a state where they make up more than 10% of the overall population. Their share of small business ownership in Prince George’s County, where one in five residents are Latino, is likely much higher and growing. But they have also struggled to access services, facing higher levels of food insecurity than their Black and white counterparts in the region and elevated poverty rates.
