The state of Maryland has been approved by the U.S. Treasury to administer up to $198 million in federal assistance, including subsequent performance-based funds, through the State Small Business Credit Initiative (SSBCI). In 2021, SSBCI received a $10 billion allocation for disbursement among the states as part of the American Rescue Plan Act. Maryland was the first state in the nation to submit its SSBCI deployment plan to the United States Treasury Department, and one of the first five states to be approved.

These additional resources from the State Small Business Credit Initiative will help ensure that Maryland's small businesses, particularly those in underserved communities primed for revitalization, have access to the critical financial resources needed to set them up for success.

– Governor Hogan

The SSBCI funds will be administered by three state agencies: the Maryland Department of Housing and Community Development (DHCD); the Maryland Department of Commerce, and; the Maryland Technology Development Corporation (TEDCO).

Funds 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 investment in underserved communities.

See a breakdown of funding distribution below, and more details on all participating programs here. SSBCI Funding Distribution

Read the Governor’s Office press release for more information on the announcement.

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.