Maryland will get $10 million from the US Department of the Treasury to help support small businesses.
The money will go to the Maryland Technology Development Corporation (TEDCO) and will specifically help small businesses access the resources they need to expand and grow.
"Turning an idea into a job creator takes time, money, and support," says Gov. Wes Moore. "By working together across the state and federal levels, we are helping entrepreneurs and small business owners access all three."
The state will create the Business Resource Information, Development, and Guidance Ecosystem (BRIDGE) program to help implement the program and distribute the funds.
"The BRIDGE Program is designed to support both Main Street small businesses that provide crucial goods and services and also high-growth, innovation-focused companies, offering programming to meet a range of business types and needs," a statement from the US Department of the Treasury explains.
TEDCO and the University of Maryland will partner to run BRIDGE and they have committed to matching more than $2 million to help support the grant's goals.
