Maryland will receive roughly $184.7 million under the State Small Business Credit Initiative as part of the American Rescue Plan Act of 2021. (SSBCI). Maryland will get an additional $11 million if it meets the SEDI-led business performance incentive by allocating at least 34.97 percent of SSBCI funds to SEDI enterprises. A SEDI business is one that is owned and operated by people who are socially and economically disadvantaged (SEDI). Small company financing programs, such as loan participations and venture equity programs, will be funded by SSBCI. SSBCI money may be available for technical support to small firms applying for SSBCI and other government programs in the future as part of a separate application procedure.
Maryland’s SSBCI monies will be administered by the Maryland Department of Housing and Community Development, in collaboration with the Maryland Department of Commerce and the Maryland Technology Development Corporation. Maryland has submitted an application to the US Treasury, and monies are expected to be available in the spring of 2022. Please return to this page for the most up-to-date information on SSBCI funding opportunities.
Do you want to learn more about the program as a small company owner? To be added to our program’s contact list and be alerted when money becomes available, fill out our Expression of Interest Form.
