Maryland TEDCO Awarded $10M Grant to Help Small Businesses
Maryland Technology Development Corporation will receive a multimillion-dollar federal grant to provide support services to help small businesses in the state and mid-Atlantic region.
Congressman Steny H. Hoyer joined US Deputy Treasury Secretary Wally Adeyemo, Maryland Gov. Wes Moore, and Sen. Chris Van Hollen (D-MD) to make the announcement earlier this month.
The funding is delivered through the Treasury Department’s State Small Business Credit Initiative Investing in America Small Business Opportunity Program, which was funded through the American Rescue Plan.
“As majority leader in the last Congress, I worked with the Biden-Harris administration and the Democrats to secure historic investments with major investments in manufacturing, infrastructure, research and development, green technology, entrepreneurs, in particular, and manufacturers and the growth of our opportunity to compete in the 21st century,” Rep. Hoyer (D-MD) said. “And those bills include the American Rescue Plan, which expanded the Small Business Credit Initiative grant program, which made this money available. Those investments have helped, as the secretary said, to historic small business growth. Since President Biden and Vice President Harris took office, Americans have submitted a record 18.6 million applications. Now, I think this is a little behind because the secretary just said 19 million new jobs. But in either event, that’s more than in any point in time in the past. And it includes, in this state, under Governor Moore’s leadership, 349,000, almost 350,000 applications right here in Maryland.”
The aim of this $10 million grant is to help Maryland small businesses and the small businesses in the region take full advantage of these new economic opportunities, the congressman said.
“This grant will fund Maryland’s new business resource information development and guidance ecosystem, the BRIDGE program. Again, the very essence of making sure that people understand the investment that we have made, the dollars that are available, the help that’s available so that they can succeed in establishing a new business, because, as was pointed out, most new businesses, most jobs in this country are created in small, new start-up businesses,” he said. “Then they become medium sized and add to the opportunities for the American people. This investment, crucially, to help our people and small businesses get ahead.”
Click here to read a transcript of Rep. Hoyer’s entire remarks.
Congressman Hoyer is chair of the Regional Leadership Council.
For more information about Rep. Steny H. Hoyer, visit his Leader member page.
