Maryland will be the first state to gain a $10 million grant as part of a federal program to support small businesses, according to Maryland Matters.
The funds come from the American Rescue Plan Act, which has set aside $75 million in federal funds set aside for small businesses, and are awarded by the federal Small Business Opportunity Program.
Maryland will use the grant to establish the Business Resource Information, Development, and Guidance Ecosystem, or BRIDGE. It will serve as a hub of legal, accounting, and financial resources for small businesses, with a focus on businesses owned by women, veterans, and minorities.
“This is going to help more Marylanders turn ideas into jobs and businesses, and turn individuals into job creators,” said Gov. Wes Moore. “It’s going to benefit people who just simply want to participate in our state’s economic growth.”
TEDCO—a quasi-public agency that aims to support technology companies in Maryland—and the University of Maryland College Park will be contributing $2.2 million to the program, in addition to helping oversee its operation.
As of now, the grant will be used in not only Maryland, but regionally in Virginia, Delaware, and the District of Columbia as well.
Troy LeMaile-Stovall, CEO of TEDCO, said that other states and partner universities may also eventually contribute funding to the program.
This collaborative effort is part of the reason Maryland was selected for the grant, as U.S. Treasury Deputy Secretary Wally Adeyemo shared.
“One of the things we looked for as we were thinking about grantees for the Small Business Opportunity Program was we’re looking for states that were going to be willing to work across state lines and to build regional programs,” explained Adeyemo.
