Governor Hogan’s communications office released the news that Maryland will deploy up to $198 million in federal small business relief through the State Small Business Credit Initiative (SSBCI). Maryland was the first state in the nation to submit its SSBCI deployment plan to the United States Treasury Department.
SSBCI funds will be administered. according to a release by the Governor’s office, by three state agencies, including the Maryland Department of Housing and Community Development (DHCD), the Maryland Department of Commerce, and the Maryland Technology Development Corporation (TEDCO). The funds from SSBCI will be used to augment existing business lending programs to support businesses with limited opportunities for growth whether due to the pandemic or historic disinvestment. Maryland’s statewide SSBCI initiatives will target communities and areas with a high concentration of small, micro, and Socially and Economically Disadvantaged Individual (SEDI) businesses to support ongoing state investments in underserved communities.
The State of Maryland expects to begin deploying SSBCI resources through these programs in the summer of 2022. Business owners and lending institutions wishing to apply for financing should visit open.maryland.gov/ssbci to submit an expression of interest form to be notified when funds become available.