Business bankruptcies in Maryland reach staggering rate

Maryland

FREDERICK, Md. (WDVM) — A troubling sign of the times: small business bankruptcies.

More than 7,200 Maryland businesses have filed for bankruptcy this year, many of them your small “mom and pop” businesses on “Main Street.” And the trend is troubling because small businesses employ 50 percent of all Marylanders.

Rick Weldon, president and chief executive officer of the Frederick County Chamber of Commerce, says aid intended to rescue these businesses can only go so far.

“We try to help them with access to convertible loan grant programs, or whatever’s out there,” says Weldon. “But I fear that those whose doors are shuttered today likely won’t reopen and I just think that’s tragic.”

Maryland, however, is somewhat insulated against the national trend since so many firms in the state get federal procurement contracts.

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