ANNAPOLIS, MD—The State of Maryland is set to receive $10 million in federal grant money meant to help small businesses expand and grow. The governor’s office says the money will help connect small business owners with the resources needed to take advantage of economic opportunities.

The funds are coming from the State Small Business Credit Initiative Investing in America Small Business Opportunity Program, which is part of the White House’s broader plan to help small businesses succeed.

“Turning an idea into a job-creator takes time, money, and support. By working together across the state and federal levels, we are helping entrepreneurs and small business owners access all three,” said Gov. Moore. “Maryland is grateful for the strong leadership of the Biden-Harris Administration, as we continue moving in partnership to make our state more competitive and leave no one behind.”

The governor’s office says the money will help small businesses access critical resources such as financial and legal assistance. The program will be delivered in partnership with the University of Maryland and will focus on businesses owned by socially and economically disadvantaged individuals.

“In passing the American Rescue Plan we committed not only to keeping our small businesses afloat amid the pandemic, but also to position them for long-term success,” said U.S. Senator Chris Van Hollen. “As our Investing in America agenda continues to generate new opportunities across our state, this $10 million investment in TEDCO’s BRIDGE Program will help connect our local entrepreneurs with these opportunities and boost the resources available for them to capitalize on this moment to innovate and compete.”

The investment is part of a broader effort by the state to support small business growth and innovation. In partnership with TEDCO, the administration has awarded more than $10 million through TEDCO’s Builders Fund to support 43 startup companies owned by entrepreneurs who demonstrate a socially or economically disadvantaged background.

This article was written with the assistance of AI and reviewed by a human editor.