Loan Program Expanded for Small Businesses

More than $198 million in federal funding is available to help spur economic growth and support Maryland’s small businesses recovering from the pandemic. Rep. Steny H. Hoyer, along with other members of Maryland’s congressional delegation, said that the funds were available through the State Small Business Credit Initiative program.

The US Treasury Department program was reauthorized and expanded by the American Rescue Plan which the lawmakers fought to pass.

The funds will be targeted to minority-owned, women-owned small businesses through the Maryland Department of Housing and Community Development, Maryland Department of Commerce, and Maryland Technology Economic Development Corporation to help rebuild and strengthen the small business economy in communities most impacted by the economic fallout from the COVID-19 pandemic.

“Small businesses are the lifeblood of our communities – driving our local economies and creating opportunities for all Marylanders,” said the lawmakers. “But the disproportionate impacts of the COVID-19 pandemic have taken a heavy toll on our small business community, particularly in low-income, rural, and urban areas. Now, we must ensure those hit hardest have access to the capital they need to promote economic resiliency, generate growth and opportunity, and create new good-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 American Rescue Plan will support entrepreneurs and promote small business growth in Maryland, including in underserved communities that face barriers to accessing the capital they need to turn their business ideas into reality,” said Deputy Secretary of the Treasury Wally Adeyemo. “Treasury will continue working with Maryland to help make sure that this funding is having maximum impact across the state to promote economic growth.”

Implementation of the SSBCI program will expand access to capital, promote American entrepreneurship, drive economic resiliency, create new jobs, and increase economic opportunity for all Marylanders. The program will expand the resources available to underserved communities lacking capital and build financing ecosystems that empower and support entrepreneurs and small businesses.

Maryland anticipates that 70% of new loans in the SSBCI-funded program will be provided to minority-owned businesses and 40% to women-owned businesses.

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For more information about House Majority Leader Steny H. Hoyer, visit his Leader member page.