Columbia-based TEDCO will receive up to $50 million from Gov. Larry Hogan’s small business relief plan that was approved for funding from the United States Treasury Department’s State Small Business Credit Initiative. TEDCO will allocate the funds into four existing programs targeting technology-based Maryland businesses and entrepreneurs.
Three programs – the Venture Equity Fund, Venture Capital Limited Partnership Equity program and Seeds Funds Equity program – are primarily focused on venture capital and startup funding. The fourth, the Social Impact Funds, provides investment and support to economically underserved founders and communities.
Through these four programs, TEDCO will continue to leverage its relationships with technology companies, entrepreneurs and investors in the state while collaborating with universities, regional business accelerators and incubators, and other organizations.
“These additional funds are a game changer for TEDCO and our existing investment funds,” said Jack Miner, TEDCO’s Chief Investment Officer. “We look forward to expanding our reach and working with more companies throughout the state to help grow our innovation ecosystem.”