ANNAPOLIS, Md. — Governor Larry Hogan announced Maryland programs funded by the State Small Business Credit Initiative (SSBCI) are now open.
Three agencies are partnering to expand and enhance the State's business lending and investment programs. These agencies are the Maryland Department of Housing and Community Development, the Maryland Department of Commerce, and the Maryland Technology Development Corporation.
These agencies are providing up to $198 million in small business relief. They'll be using funds to expand and enhance nine existing state business lending and investment programs.
“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,” said Gov. Hogan.
When SSBCI was created by congress in 2010, they received a $10 billion allocation as part of the American Rescue Plan Act. Maryland was also the first state in the nation to submit its SSBCI deployment plan to the United States Treasury Department.
