Md. Comptroller says small businesses need to hang on tight, entrepreneurs should set sights on future

SALISBURY, Md. – Maryland Comptroller Peter Franchot sat down with the Eastern Shore’s business community Wednesday. Comptroller Franchot says that right now, small businesses should focus on just trying to survive the rest of the pandemic. “I think the issue is survival. If you have a small business now that’s been hammered – if you can survive, you’re going to be part of our roaring 20s’ economic growth,” said Comptroller Franchot.

The Comptroller says if those businesses can get through the pandemic, they should be set up for a more stable financial future. As for entrepreneurs that are thinking about opening their own businesses amid the pandemic, Comptroller Franchot says planning ahead is key for their success in these difficult times. “For new businesses that want to start, that’s terrific. But realize it’s going to be the end of this calendar year, not tomorrow, that you’re going to be able to benefit from the prosperity and wealth of the great state of Maryland,” said the Comptroller.

Comptroller Franchot says because many Marylanders aren’t spending as much as they used to consumer spending could see a boom once the pandemic ends. “My experts tell me the amount of consumer spending that is backed up in peoples’ bank accounts right now for the top two thirds – not the one third that is suffering – is incalculably big,” said Comptroller Franchot.

Categories: Business, Coronavirus, Local News, Maryland, Money