Maryland Commerce regional reps connect with businesses

The first weeks of the COVID-19 were a huge disaster for many Maryland businesses. In the middle of layoffs and emergency restrictions, they were suddenly in a very strange situation which promised an uncertain future for them. They started to ask dozens of questions and no one could answer them. There was panic and huge desperation among those who were answering the calls. The company tries its best to listen to anyone and try to help them as much as they can. There were not many solutions but there is never a situation where one can not find something surviving.

Maryland commerce

Maryland is a state’s central financial development agency. They are trying to make private investments and stimulate others to do the same in order to create more jobs for people and new businesses. They encourage existing businesses to expand and make some differences in order to develop new ways of doing business. This central financial development agency is also seeking people who like to learn work ethics. They are providing workforce preparation with economic support to Maryland companies. Commerce is also searching for the state’s outstanding quality companies and giving them the proper opportunity to make themselves famous with advertising and international investments, trade, and tourism. They are exporting aircraft including engines, liquid gas, Bombs, mines, etc. This network is based on experienced trade professionals that are located in the U.S. The Baltimore office in the U.S. is also prived training on export topics to Maryland exporters. People are basically joining the community in global trade for business economics solutions.

In February, Maryland secretary of commerce Kelly Schulz was fired. And it also caused some of the problems. After that, A state program provided $175 million for businesses with grants and loans. The program was designed to help Marylanders and small businesses to get through the coronavirus crisis.

State and local government is required from many industries like trading - to have a permit of the license to operate. There are dozens of Forex trading groups near Baltimore and because of that, there is a need for them to have legitimated licenses. Known as the FX market or Forex, this market is the most traded market globally. Based on the statistics gathered by https://topforexbrokers.net/ we can easily say that their customer base is a big advantage for the trader platform. The average annual pay for a Forex trader in Baltimore is $83 270. Because of that, a trader’s license is required for buying and reselling. It is essential to check at the state and local level to determine what permissions and licenses a person needs if he\she would like to trade.

B2B connections

There are also problems with transportation for businesses. The reps are also helping with B2B connections such as when companies are in need to find new employees. Economic development was always based on the activities companies are doing. Manufacturing and other industries that are very connected with each other have historically focused on marketing. Maryland is helping industrial-based companies to sell their products through manufacturers reps and dealers.

Fifteen years ago, companies were focused on common marketing such as trade exhibits, personal connections, and print media. As for now, according to Forbes, the digital world is really making the competition much more complicated. By 2021 the digital world will have paid search and promotions, which will include social media and online video broadcasting. Email selling will grow to 46%. Digital marketing will achieve its results with much fewer expenses than traditional marketing made in the past because it is more focused on human relationships and personal approach.

Key services of Maryland include:

Building and site location assistance - If you are looking for a business, of course, you google it at first. There should be a regulatory wish that allows the business to exist. Maryland will turn your idea of location into reality.

Finance programs - credits and job training.

Business advocacy.

Foreign direct investment - is an investment made by a business or individual. They do invest in a business that is located in another country. FDI takes place within investors and companies when the investor is trying to join a business. For example, the fact that Apple invested in China is a great way of investing in foreign countries.

In the U.S. the Bureau of Economic Analysis is always looking for FDIs into the country.

There are types of FDI and they are - Vertical, horizontal, and conglomerate.

Vertical investment is when different but somehow related companies are co-working with each other.

Conglomerate investment is when the individual makes an investment in a business that is unrelated to its existing business but is very interesting for the person’s future plans. This also involves entering the industry where the investor is not qualified but is looking forward to finding something that is in common with him\her and personal preferences.

A horizontal direct investment is when the investor is investing in the same kind of business he\she owns.

Foreign direct investment is common when open economies are offering each other skilled employees and investors. It also may include the requirements of supervision and technology as well.

FDI is made for expanding businesses in different countries. This is a great way of opening the market and making investors feel welcomed if they would like to help, invest, or make some differences in a financial global market.

Maryland during COVID-19

Maryland was supporting Maryland’s nonprofit organizations during the pandemic. They also have established the COVID-19 emergency relief grant fund for companies. The economic stress was unbearable and the help was essential. This was the time when they ensured people how trustworthy they can be when businesses and companies are in need. Some of the businesses that were planning to close because of the crisis, found themselves re-boosting after the grants and continued doing their businesses. People continued working in these uncertain times. This fund was like a fresh breath of air for the businesses because it was stressful and panic dominating, and they needed some time and money to survive - and they have surely survived.