Maryland Congressional Delegation Delivers More Than $198 Million in Federal Funding to Boost Economic Growth and Support Small Businesses Recovering from the Pandemic

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May 25, 2022

Today, US Senators Chris Van Hollen and Ben Cardin and Congressmen Steny H. Hoyer, Dutch Ruppersberger, John Sarbanes, Kweisi Mfume, Anthony G. Brown, Jamie Raskin and David Trone (all D-Md.) provided $198,404,958 to stimulate economic growth and support small businesses in Maryland through the State Small Business Credit Initiative (SSBCI) program. This Treasury Department program was reauthorized and expanded by the US bailout that lawmakers fought to pass. The funds will be directed to minority-owned and women-owned small businesses through the Maryland Department of Housing and Community Development (DHCD), the Maryland Department of Commerce and the Maryland Technology Economic Development Corporation to help rebuild and strengthen our small business economy in communities. most affected by the economic fallout from the COVID-19 pandemic.

Small businesses are the lifeblood of our communities – they drive our local economies and create opportunity for all Marylanders,” lawmakers said. “But the disproportionate impacts of the COVID-19 pandemic have taken a heavy toll on our small business community, especially in low-income, rural and urban areas. Now, we must ensure those hardest hit have access to the capital they need to promote economic resilience, generate growth and opportunity, and create new, well-paying jobs for Marylanders. We were proud to fight for this funding and will continue to invest in our small business communities across the state. »

“These critical investments through the U.S. bailout will support entrepreneurs and help small businesses grow in Maryland, including in underserved communities that face barriers to accessing the capital they need to make their businesses a reality. business ideas”, said Treasury Undersecretary Wally Adeyemo. “Treasury will continue to work with Maryland to ensure this funding has maximum impact across the state to promote economic growth.”

Implementing the SSBCI program will expand access to capital, foster American entrepreneurship, boost economic resilience, create new jobs, and increase economic opportunity for all Marylanders. The program will increase the resources available to underserved communities that lack capital and create funding ecosystems that will empower and support entrepreneurs and small businesses. Maryland projects that 70% of new loans from the SSBCI-funded program will be made to minority-owned businesses and 40% to women-owned businesses.



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