Episode 7: Daniel Koroma - Small Business Is Big Business
Daniel Koroma, a Business Liaison Manager for Montgomery County, Maryland starts the show sharing his journey as a Sierra Leonean who emigrated and studied at the University of Maryland and Harvard University, developed an expertise in finance and banking before a career transition moved him into local and county government. Daniel talked about the Montgomery County Business approach and its deliberate focus on Access to Information & Access to Capital Daniel shared impressive stats on small business in the County - with over 1 in 3 residents foreign-born or immigrants to the US and 20% of that total being residents of African descent, the diaspora populations are a critical element of the high and growing rate of entrepreneurs contributing to the counties over a trillion-dollar economy and the rich cultural fabric of the state of Maryland. Daniel shared information about the Montgomery County business portal, an award-winning dynamic website that acts as a single entry point for government contracting, finance and funding opportunities, and other relevant training and resources. Daniel touched on the rise of women-owned businesses as a focus for Maryland, which tops the US for the largest number of women-owned businesses with 47% of all County businesses female-owned and 34% of science and biotech business led by women. Daniel acknowledged the realities of access to capital. He mentioned Maryland's tiered approach of microloans support via Life Asset & Latino Economic Development Center who can provide loans and technical assistance up to $250,0000. Daniel also talked about one on one counseling and training classes and technical assistance provided by the following organizations: Maryland Women's Business Center, SBDC, Montgomery County Chambers of Commerce, Montgomery County Economic Development Corporation, SCORE, and VITA. Daniel touched on the multi-faceted approach to addressing the business needs of county residents on any giving day, from liaising with chambers of commerce, citizen advisory boards and counseling business one on one on concerns or needed support with the ethos that he always meets entrepreneurs where they are. On the global front, he discussed the success of the legacy African Diaspora Marketplace and its role in connecting local businesses to the Continent and spoke about the genesis of IO Spaces, an entrepreneurship hub in Silver Spring. He rounds out the show by sharing his hopes for connecting diaspora resiliency, purchasing power, and telling and owning our own stories as key drivers to entrepreneurship growth and success. Daniel can be found at the Montgomery County Business Portal at BizPortal@montgomerycountymd.gov.