Maryland will be the first state to receive funding under the federal Small Business Opportunity Program, a $10 million grant that state and federal officials say will help underserved small businesses in the Maryland region grow.
The $10 million grant to the state is part of $75 million set aside for small businesses as part of the American Rescue Plan Act. Gov. Wes Moore (D) said Monday that the program could have far-reaching benefits.
“This will help more Marylanders turn their ideas into jobs and businesses, as people become job creators,” Moore said. “It will benefit people who simply want to participate in the economic growth of our state.”
The money will be used to establish the Business Resource Information, Development, and Mentoring Ecosystem (BRIDGE). The program will help provide legal, accounting, and financial advice to small businesses, including those owned by veterans, women, and minorities.
TEDCo and the University of Maryland College Park will help oversee the program and contribute $2.2 million to the initiative. The grant to Maryland will be used regionally in Delaware, Virginia and the District of Columbia.
“This BRIDGE program does what bridges do. Bridges connect things. They help you overcome obstacles,” said Troy Lemaile-Stovall, executive director of TEDCO, a quasi-public agency charged with helping technology companies grow in Maryland. “They help you get to the other side in an expedited manner. And so, this bridge program will help our entrepreneurs across the DMV.”
“They will give them access to the talent they need to grow and scale their companies, and they are helping them find point X, not only in terms of capital, but also in terms of other types of resources they need to help them grow their business,” he said.
Lemaile-Stovall said other partner states and universities will “eventually” contribute funding to the effort.
“One of the things we were looking for when we were thinking about Small Business Opportunity Program grantees was we were looking for states that were willing to work across state lines and create regional programs,” said U.S. Treasury Deputy Secretary Wally Adeyemo, who was on the call to announce the grant. “Because what we know is that a lot of these small businesses are selling products to people, not just in their town, but also because of the ability to advertise online, all across the country.
“One of the things we appreciated about Maryland’s application was the fact that in many ways Maryland is a regional leader, an important regional hub not just for the DMV but for the region as a whole, and that was reflected in their application,” Adeyemo said.