A Fair Future for Wheaton Small Businesses

The Wheaton Sector Plan passed unanimously by the County Council in November has the potential to transform Wheaton and the surrounding area. However, any new development brings challenges for small business owners.

The small businesses that give Wheaton its unique character need the right tools to adapt in a changing market. When Montgomery County is involved in redevelopment projects, like in Wheaton, we have a responsibility to help those businesses that have the most to lose. Montgomery County can provide capital and technical assistance to aid businesses that are directly impacted by these projects.

On Tuesday, I introduced legislation to create a Small Business Assistance Program, which will provide needed capital to small businesses directly impacted by County-financed redevelopment projects. The bill will require the County’s Department of Economic Development (DED) to create criteria for eligibility and develop conditions, such as required technical assistance, to make sure our small businesses are prepared to adapt to the changing reality as a result of redevelopment. 

Unlike the current Impact Assistance Program (IAP), which only applies to businesses that are currently impacted, the new program will allow small businesses that will be impacted by redevelopment within two years to apply for aid. In addition, the new program will not have a hard cap on grant and loan awards (unlike the IAP’s $20,000 cap), providing DED latitude in awarding aid based on the merit of individual proposals. Finally, the Small Business Assistance Program will only apply to small businesses located in Enterprise Zones and Urban Renewal Areas—places that the County has already identified as needing redevelopment and economic stimulation.

While I strongly support the continuing redevelopment and revitalization of Wheaton, I know that many in the community share my concerns about its impact on small businesses. I support many of the underlying goals of the Coalition for the Fair Redevelopment of Wheaton because I believe community benefits like good jobs and protecting the diversity of our community is essential to maintaining the quality of life all of our residents enjoy.

If you want to show your support for my legislation and our small businesses, please consider singing up to testify at a public hearing on February 28th at 7:30pm by calling (240) 777-7803.