Small Business Growth in Maryland

Maryland has been awarded $7.6 million in federal funds to boost small businesses through programs in the Department of Business and Economic Development (DBED).  The innovative and effective work the funds help to support are reported in Maryland Business News:

The U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI) has awarded $7.6 million to the State, the second of three planned allotments since 2011, DBED officials announced Wednesday.

The latest SSBCI funds will primarily support the Maryland Venture Fund (MVF), the State’s main equity investment program and one of the most active venture investors in the region. The MVF previously received $4.8 million in SSBCI funding, which it used to invest in 14 companies, leveraging more than $180 million in private funding.

This funding has helped companies like Salsa LabsOptoroM. Luis Construction and Marlin Steel Wire. All which gained well over $500,000 from working with this program.

For more information read the full article in Maryland Business News.