Governor Moore Joins U.S Department of Treasury and Federal Leaders to Announce $10 Million Investment to Support Small Businesses

ANNAPOLIS, MD – Governor Wes Moore today joined the U.S. Department of Treasury to announce a $10 million federal grant awarded to the Maryland Technology Development Corporation (TEDCO) to support small businesses through the State Small Business Credit Initiative Investing in America Small Business Opportunity Program. Governor Moore was joined by U.S. Treasury Deputy Secretary Wally Adeyemo; U.S. Senator Chris Van Hollen; Congressman Steny Hoyer; TEDCO Chief Executive Officer Troy LeMaile-Stovall for the announcement. ?

"Turning an idea into a job-creator takes time, money, and support. By working together across the state and federal levels, we are helping entrepreneurs and small business owners access all three," said Gov. Moore. "Maryland is grateful for the strong leadership of the Biden-Harris Administration, as we continue moving in partnership to make our state more competitive and leave no one behind."

“The Biden-Harris Administration is committed to expanding access to capital for communities across the country and creating opportunities for entrepreneurs to grow their businesses in thriving sectors of our economy," said U.S. Deputy Secretary of the Treasury Wally Adeyemo. “With this federal funding, the Maryland Technology Development Corporation will be able to provide critical services to small businesses in the region to help them succeed."

“During my time as Chair of the Senate Small Business and Entrepreneurship Committee, I worked closely with the Biden-Harris administration to ensure that Congress not only helped small businesses make it through the pandemic but were able to succeed afterwards. The State Small Business Credit Initiative is a key tool in the success of small businesses. This $10 million investment in TEDCO's Business Resource Information, Development, and Guidance Ecosystem Program will help Maryland small businesses and entrepreneurs with the resources that are the most costly for them: financial and legal expertise," said U.S. Senator Ben Cardin. “Team Maryland continues to leverage our strong partnership with the Biden-Harris administration to increase access to and the affordability of financial and legal resources, technical assistance, lending, and other opportunities for small businesses, especially underserved small businesses. A strong small business ecosystem is the backbone of a strong Maryland."

The State Small Business Credit Initiative Investing in America Small Business Opportunity Program is part of the Biden-Harris Administration's economic agenda to provide funding and to connect small businesses to the financing needed to participate in key Investing in America's supply chains, including electric vehicle manufacturing, semiconductor manufacturing, construction, transportation, and clean energy generation.

With this grant, Maryland will establish the Business Resource Information, Development, and Guidance Ecosystem (BRIDGE) program to provide legal, accounting, and financial advisory services to help small businesses build capacity and apply for loans or investments. The program will support businesses owned by socially and economically disadvantaged individuals and small businesses by enhancing their access to capital and resources. TEDCO will partner with the University of Maryland for development and execution of the BRIDGE program. 

“In passing the American Rescue Plan we committed not only to keeping our small businesses afloat amid the pandemic, but also to position them for long-term success," said U.S. Senator Chris Van Hollen. “As our Investing in America agenda continues to generate new opportunities across our state, this $10 million investment in TEDCO's BRIDGE Program will help connect our local entrepreneurs with these opportunities and boost the resources available for them to capitalize on this moment to innovate and compete."

“The historic investments that Democrats made last Congress in manufacturing, infrastructure, research and development, green technology, and other key industries have fueled the greatest period of small business growth in American history," said Congressman Steny H. Hoyer. "With Americans submitting a record 18.6 million applications to start new businesses under the Biden-Harris Administration, it's crucial that we help connect these entrepreneurs to the many economic opportunities that our Investing in America agenda continues to create across Maryland and America. This $10 million grant will help Maryland small businesses take full advantage of the programs and policies we secured last Congress and stay competitive in the twenty-first century global economy."

“Working with our partners in Delaware, the District of Columbia, Virginia and Maryland, it is our privilege to lead the Mid-Atlantic regional Business Resource Information, Development, and Guidance Ecosystem Program supported by the Treasury," said TEDCO CEO Troy LeMaile-Stovall. “In a close-knit region like the Mid-Atlantic, state and district borders should not constrain access to programs supporting business growth because the economic impact of that growth does not recognize those borders. BRIDGE will benefit each of our districts by strengthening our broader region."

This announcement reinforces the Moore-Miller Administration's commitment to making Maryland more competitive. This summer, Governor Moore announced 11 grants totaling $9 million through the Maryland Department of Commerce's Build Our Future Grant Pilot Program. To support innovation infrastructure development in eligible technology sectors.

In partnership with TEDCO, the administration has awarded more than $10 million through TEDCO's Builders Fund to support 43 startup companies owned by entrepreneurs who demonstrate a socially or economically disadvantaged background and $1.6 million through TEDCO's Social Impact Fund. 

Read more about how the Maryland Small Business Development Center's approved program will support small businesses here.