Gov. Larry Hogan announced Maryland programs funded by the State Small Business Credit Initiative are open. Up to $198 million in federal small business relief is being administered by three state agencies: the Maryland Department of Housing and Community Development, the Maryland Department of Commerce and the Maryland Technology Development Corp. These agencies will use funds to expand and enhance nine existing state business lending and investment programs.
Created by Congress in 2010, SSBCI received a $10 billion allocation as part of the American Rescue Plan Act. Maryland was the first state in the nation to submit its SSBCI deployment plan to the United States Treasury Department and was one of the first five states to be approved. The nine programs funded by SSBCI will support businesses with limited opportunities for growth whether due to the pandemic or historic disinvestment.
Maryland’s statewide SSBCI initiatives will target communities and areas with a high concentration of small, micro and Socially and Economically Disadvantaged Individual businesses to support ongoing state investments in underserved communities.
● Neighborhood BusinessWorks. DHCD will deploy up to $103 million and disburse the funds through three Neighborhood BusinessWorks program initiatives.
● Maryland Small Business Development Financing Authority. The Maryland Department of Commerce will deploy up to $45 million through two Maryland Small Business Development Financing Authority programs.
● TEDCO Programs. TEDCO will deploy up to $50 million and will allocate the funds into four existing programs targeting technology-based Maryland businesses and entrepreneurs.
For more information, visit http://open.maryland.gov/ssbci.