Governor Hogan Announces Maryland’s State Small Business Credit Initiative Programs Now Open

Per the State of Maryland:
ANNAPOLIS, MD—Governor Larry Hogan today announced Maryland programs funded by the State Small Business Credit Initiative (SSBCI) are open. Up to $198 million in federal small business relief is being 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). These agencies will use funds to expand and enhance nine existing state business lending and investment programs.

“The State of Maryland’s small business programs are proven and effective, providing critical relief during the pandemic and supporting strong economic growth during our ongoing recovery,” said Governor Hogan. “This additional funding will ensure Maryland continues to remain open for business by supercharging these programs to increase capacity and better serve entrepreneurs and small businesses, especially those creating jobs and other opportunities that fuel the revitalization of disinvested communities.”

Created by Congress in 2010, SSBCI received a $10 billion allocation 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 was one of the first five states to be approved. The nine programs funded by SSBCI will 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.

Neighborhood BusinessWorks. DHCD will deploy up to $103 million and disburse the funds through three Neighborhood BusinessWorks program initiatives. The program provides financing to new and expanding small businesses impacting and operating within Maryland’s designated Opportunity Zones, Priority Funding Areas, and Sustainable Communities and Community Development Financing Institution (CDFI) Investment Areas. The Neighborhood BusinessWorks Loan to Lender initiative directly supports CDFI revitalization and investment efforts, providing funds for them to re-lend to local small businesses. The Neighborhood BusinessWorks Loan Participation Program assists eligible businesses with working capital and real estate acquisition. The Neighborhood BusinessWorks Venture Loans initiative supports strategic businesses with high potential job growth.

“Neighborhood BusinessWorks has provided more than $70 million in capital to small businesses under Governor Hogan’s leadership,” said DHCD Secretary Kenneth C. Holt. “These additional resources and new program initiatives will leverage the program’s successful partnerships and processes to assist new and expanding businesses in cities, towns, and communities throughout Maryland.”

Maryland Small Business Development Financing Authority. The Maryland Department of Commerce will deploy up to $45 million through two Maryland Small Business Development Financing Authority (MSBDFA) programs. Created in 1978 to promote the viability and expansion of Socially and Economically Disadvantaged Individual-led businesses, MSBDFA is now available to small businesses that are unable to obtain adequate business financing on reasonable terms. In particular, the program has become a well-established resource to support the growth of minority and women-owned businesses through a network of government agencies, local economic development organizations, banks, and private equity companies, as well as numerous business associations, chambers of commerce, and local professionals.

“The MSBDFA program is an important finance tool in helping underserved small businesses owners and their communities throughout our state,” said Maryland Commerce Secretary Mike Gill. “This federal funding has the potential to help numerous entrepreneurs in Maryland and provide the much-needed business assistance they have been seeking. We are grateful for this additional financing and look forward to helping our business community continue its economic recovery.”

TEDCO Programs. TEDCO will deploy up to $50 million and will allocate the funds into four existing programs targeting technology-based Maryland businesses and entrepreneurs. Three programs—the Venture Equity Fund, Venture Capital Limited Partnership Equity program, and Seeds Funds Equity program—are primarily focused on venture capital and startup funding. The fourth, the Social Impact Fund, provides investment and support to entrepreneurs who demonstrate economic or social disadvantage. Through these four programs, TEDCO will continue to leverage its relationships with top-tier technology companies, entrepreneurs, and investors in the state while collaborating with universities, regional business accelerators and incubators, and other organizations.

“I want to first thank DHCD for their leadership in ensuring Maryland was one of the first states to receive approval,” said TEDCO CEO, Troy LeMaile-Stovall. “These SSBCI funds will help TEDCO accelerate our mission of empowering early-stage technology innovation and entrepreneurship. Our $50M will be used to fund four programs—Venture Equity Fund, Venture Capital Limited Partnership Equity program, Seed Funds Equity program and the Social Impact Funds—all of which help innovators and entrepreneurs achieve their dreams and scale.”

For more information about the nine Maryland business assistance programs supported by SSBCI and how to apply, visit http://open.maryland.gov/ssbci.

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Now in its 17th year, the Kensington Day of the Book Festival is a family-friendly street festival featuring 150+ renowned authors, poets, and literary organizations. Enjoy live music on five stages, special guest speakers, military veteran writers and comedians, poetry readings, cookbook demos, children's program, and much more.

Admission is free, and attendees will also be able to explore a marketplace of books and food offerings from local vendors.

Not your average book festival! This festival offers something for everyone!

17th Annual Kensington Day of the Book Festival

Sunday, April 21, 2024, 11am-4pm (held rain or shine!)

Howard Avenue, Kensington, MD 20895

www.dayofthebook.com

Instagram: @kensingtonbookfestival

Contact: Elisenda Sola-Sole, Festival Director

[email protected]

301-949-9416 (text preferred)

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Step into a world where the Caribbean spirit comes alive! From 12:00 PM onwards, immerse yourself in a sensory journey that celebrates the unique culture, cuisine, and music of the Caribbean. Whether you're an African American, a Reggae or Soca music enthusiast, a wine lover, or part of the vibrant Caribbean diaspora, this festival promises to delight and captivate you in every way.

Let the enticing aromas of mouthwatering Caribbean dishes tantalize your taste buds. Feast on traditional delicacies prepared by expert chefs, showcasing the rich and diverse culinary heritage of the Caribbean. Indulge in flavorful jerk chicken, succulent seafood, and delectable plantain dishes that will transport you straight to the islands.

Accompanying the culinary extravaganza is a carefully curated selection of premium wines, ensuring the perfect pairing for your palate. Sip on fine wines from renowned vineyards, each sip a reflection of the Caribbean's vibrant spirit. Discover new flavors, expand your wine knowledge, and savor unforgettable moments with every glass.

As the sun sets, get ready to groove to the infectious rhythms of Caribbean music. Feel the pulsating beats of reggae, soca, dancehall, and calypso, moving your body to the lively melodies. Live performances by talented musicians and performers will keep the energy high, ensuring a night of unforgettable entertainment.

Don't miss this opportunity to embrace the Caribbean spirit and celebrate the arrival of spring in style! Tickets are available on AllEvents, so secure your spot today. Join us at the FEST OF SPRING Caribbean Wine Food & Music Festival, where cultures collide and unforgettable memories are made.

LIVE PERFORMANCES By: CULTURE Feat. Kenyatta Hill, EXCO LEVI, IMAGE BAND, RAS LIDJ REGG'GO with Special Guest SUGAR BEAR FROM E.U. & MORE! & MORE!

MUSIC By: DJ ABLAZE, DJ SMALLY & NAJ SUPREME

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KIDS 12 & UNDER FREE!!!

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