The U.S. Department of the Treasury has awarded $10 million to the Maryland Technology Development Corporation (TEDCO) to support small business growth through the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). This funding is part of the Biden-Harris Administration’s economic agenda, which aims to connect underserved and very small businesses with necessary financing for participation in key supply chains such as electric vehicle manufacturing, semiconductor manufacturing, construction, transportation, and clean energy generation.
U.S. Deputy Secretary of the Treasury Wally Adeyemo stated, “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.” He added that this federal funding would enable TEDCO to provide critical services to small businesses in the region.
Maryland Governor Wes Moore emphasized state and federal collaboration: “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.”
U.S. Senator Ben Cardin highlighted his efforts during his tenure as Chair of the Senate Small Business and Entrepreneurship Committee: “This $10 million investment in TEDCO’s BRIDGE Program will help Maryland small businesses and entrepreneurs with financial and legal expertise.” He noted that Team Maryland continues leveraging its partnership with the Biden-Harris administration to enhance access to financial resources for small businesses.
Senator Chris Van Hollen remarked on commitments made through the American Rescue Plan: “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.”
Congressman Steny H. Hoyer discussed recent investments by Democrats: “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 many economic opportunities.”
TEDCO CEO Troy LeMaile-Stovall expressed enthusiasm about regional collaboration: “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.”
Maryland’s application for this SBOP award was coordinated closely with Delaware, Virginia, and the District of Columbia. The award will fund technical assistance throughout these regions via TEDCO’s BRIDGE program which aims at providing tailored legal, accounting, and financial advisory services. The program targets both Main Street small businesses providing essential goods/services as well as high-growth companies focused on innovation.
Selected jurisdictions will expand technical assistance programs connecting underserved businesses with financing available through SSBCI or other programs focusing on infrastructure, manufacturing, clean energy or climate resiliency. These jurisdictions were chosen based on their plans for innovative models improving capital access for historically overlooked businesses.
The American Rescue Plan Act reauthorized SSBCI providing nearly $10 billion for small business support nationwide including underserved communities. Through SSBCI Capital Program Treasury has approved over $8.7 billion in plans representing every state/territory along with 280 Tribal governments.
Treasury also announced approvals of SSBCI Technical Assistance grants totaling $145 million across 48 jurisdictions with further approvals anticipated soon.
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