August 23rd, 2022 by WCBC Radio

Governor Larry Hogan today announced Maryland programs funded by the State Small Business Credit Initiative (SSBCI) 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 (DHCD), the Maryland Department of Commerce, and the Maryland Technology Development Corporation (TEDCO). These agencies will use funds to expand and enhance nine existing state business lending and investment programs.

“The State of Maryland’s small business programs are proven and effective, providing critical relief during the pandemic and supporting strong economic growth during our ongoing recovery,” said Governor Hogan. “This additional funding will ensure Maryland continues to remain open for business by supercharging these programs to increase capacity and better serve entrepreneurs and small businesses, especially those creating jobs and other opportunities that fuel the revitalization of disinvested communities.”

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 (SEDI) businesses to support ongoing state investments in underserved communities.