Maryland will launch a new small business program with the help of an influx of federal dollars.
The U.S. Department of the Treasury awarded the Maryland Technology Development Corp. (TEDCO) $10 million to help small businesses connect with technology, legal and other services. TEDCO CEO Troy LeMaile-Stovall hopes the $10 million program can lead to participating companies adding 25,000 employees and $630 million in revenue over five years.
Maryland will use the award to establish the Business Resource Information, Development, and Guidance Ecosystem (BRIDGE) program. The BRIDGE program will focus on advising small businesses so they can apply for loans and other investments. TEDCO hopes to help a wide swath of companies, from low-technology “main street businesses” to startups, LeMaile-Stovall said. The organization typically focuses on helping technology companies through direct investment and other opportunities.
The University of Maryland, College Park, is partnering with TEDCO to administer the program. The two state institutions will contribute a combined $2.2 million in matching funds. The university’s main role will be to give companies resources through its Small Business Development Center. Companies that are too small for traditional TEDCO support would especially benefit from the university’s expertise, LeMaile-Stovall said.
Click here to read the rest of the article written by Matt Hooke over at Washington Business Journal
