On Thursday, May 19th, Governor Larry Hogan announced that Maryland will deploy up to $198 million in federal small business relief through the State Small Business Credit Initiative (SSBCI). Maryland was the first state in the nation to submit its SSBCI deployment plan to the United States Treasury Department, and today was one of the first five states to be approved.
“Through a number of relief programs, our efforts to keep Maryland ‘open for business’ during the pandemic have protected jobs and empowered one of the strongest and sustainable recoveries in the nation,” said Governor Hogan. “We have one of the most aggressive plans in the country to get these resources out the door utilizing our very successful lending and investment programs to help our small businesses, particularly those in underserved communities primed for revitalization.”
Initially established by Congress in 2010 to provide loans and investments to underserved small businesses, SSBCI received a $10 billion allocation as part of the American Rescue Plan Act. The SSBCI funds will be administered by three state agencies, including the Maryland Department of Housing and Community Development (DHCD), the Maryland Department of Commerce, and the Maryland Technology Development Corporation (TEDCO). The funds from SSBCI will be used to augment existing business lending programs to support businesses with limited opportunities for growth whether due to the pandemic or historic disinvestment.
The state expects to begin deploying SSBCI resources through these programs in the summer of 2022. Business owners and lending institutions wishing to apply for financing should visit open.maryland.gov/ssbci to submit an expression of interest form to be notified when funds become available.
Read more HERE.