More than two dozen businesses have received a total of $33.1 million through Maryland’s State Small Business Credit Initiative (SSBCI).
By supporting these 27 businesses, the SSBCI program has leveraged nearly $192 million in additional private capital, supporting approximately 1,300 new or retained jobs. The initiative has up to $198 million to distribute from federal relief received to support small businesses and entrepreneurs impacted by the COVID-19 pandemic or operating in historically underserved communities.
Launched last year, SSBCI currently supports nine different business assistance programs in the state. The funds are administered in partnership between the Maryland Department of Housing and Community Development; the Maryland Department of Commerce; and the Maryland Technology Development Corporation (TEDCO).
