Maryland agencies to expand state business lending and investment programs
BALTIMORE -- Gov. Larry Hogan announced on Monday that up to $198 million in federal small business relief will be available through the State Small Business Credit Initiative, according to state staff.
The financial relief will funnel down through three state agencies: the Maryland Department of Housing and Community Development, the Maryland Department of Commerce, and the Maryland Technology Development Corporation, state staff said.
It will be used to enhance nine state business lending and investment programs, according to state staff.
The State Small Business Credit Initiative will support businesses by providing them with limited opportunities for growth whether due to the pandemic or historic disinvestment, state staff said.
The plan is to support communities and areas with a high concentration of small, micro, and socially and economically disadvantaged individual businesses, according to state staff.
In this way, ongoing state investments in underserved communities will be preserved, state staff said.
The State Small Business Credit Initiative was established by Congress in 2010. It received a $10 billion allocation as part of the American Rescue Plan Act, state staff said.
"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," Hogan said. "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."
