Empowering Growth: Bret Schreiber and Fulton Bank’s Impact on the BioHealth Capital Region
| BioBuzz has been connecting the life science workforce since 2009. We’ve built an expansive community in the Mid-Atlantic with a national readership that spans from Massachusettes to Florida, and New York to California. For our next chapter, we’re building a proprietary talent logistics model to help employers source and hire life science talent. Learn more. |
Fulton Bank, a formidable financial institution with a rich history dating back to the 1880s, boasts assets of $28 billion and serves five states along the East Coast, including New Jersey, Pennsylvania, Maryland, Delaware, Virginia, and Washington, D.C. At the helm of their Life Sciences and Technology division is Bret Schreiber, the Vice President. In a recent interview with BioBuzz, Schreiber sheds light on the bank’s pivotal role in the region’s life science and technology sectors.
Fulfilling a Unique Mission
The Life Sciences and Technology division was established in late 2019 with a clear purpose: to provide critical support for early and later-stage life science and tech companies through innovative financing solutions. In addition to financial backing, Fulton Bank serves as a vital connector within the ecosystem, enabling companies to thrive and contribute to the economic vitality of the regions they serve.
Schreiber outlined Fulton Bank’s multifaceted approach to capital deployment. The bank offers early-stage debt financing to companies that might not qualify elsewhere, acting as a financial lifeline for burgeoning ventures. Additionally, they invest in various investment funds across the region and facilitate connections between portfolio companies and their network of about eighty equity funders, ensuring a well-rounded support system for growth.
Expanding Definitions: Technology and Life Sciences
Fulton Bank’s definition of technology encompasses a broad spectrum, embracing everything from ag tech to fin tech and cybersecurity. “To us,” Schreiber says, “technology is basically anything that uses innovation to scale–think of anything that the Maryland Technology Development Corporation (TEDCO) might support.”
On the life sciences front, their support extends to vaccines, diagnostics, therapeutics, medical devices, health IT, and more. This inclusive approach reflects their commitment to driving innovation and progress in diverse sectors.
State Incentives and Support
Schreiber, drawing from his experience leading the Office of BioHealth and Life Sciences for the Maryland Department of Commerce, commends Maryland’s BIITC program as one of the most successful incentives nationwide. By boosting substantial returns on investment, this program encourages investors to back companies that meet specific criteria, further propelling the local ecosystem.
Navigating Challenging Financial Landscapes
In light of recent economic uncertainties stemming from global events and shifts in monetary policy, Schreiber acknowledges a temporary slowdown in the funding environment. He notes that this cautious approach is impacting various sectors, including contract manufacturing organizations. However, Fulton Bank is uniquely positioned to fill the gap, offering debt financing solutions that provide a lifeline for companies facing financial challenges.
Strengths of the BioHealth Capital Region
Despite the current financial climate, Schreiber emphasizes the resilience and strength of the BioHealth Capital Region. Notably, the region has ascended to the third spot in national life science hub rankings, a testament to its vibrant ecosystem. Federal labs stand as a unique asset, supported by ongoing government investment in innovation. Additionally, initiatives led by entities like the Greater Baltimore Committee with its Tech Hub proposal are poised to infuse substantial funds into the region.
Nurturing Local Talent
“I always like to say that college graduation day every year is the greatest day of tech transfer in the state of Maryland,” Schreiber says. Collaborative efforts, exemplified by the partnership between Hood College and Kite Pharma, illustrate a proactive approach to workforce development. By equipping students with practical skills and hands-on experience, these initiatives bridge the gap between education and industry needs.
Fulton Bank’s Pivotal Role
Schreiber expresses pride in Fulton Bank’s role as a catalyst for companies in need of early-stage debt and equity financing. Their flexible capital solutions, combined with a commitment to workforce development, position them as a key player in the region’s growth. Through collaborations with organizations like the Greater Baltimore Committee and the Maryland Tech Council, Fulton Bank continues to champion the development of a skilled and thriving workforce. “These dollars are helping to catalyze these crucial companies to get either life-saving technologies and innovations to those that need it the most,” Schreiber says.
As the BioHealth Capital Region charts a course through evolving financial landscapes, Fulton Bank’s Life Sciences & Technology Division, stands as a stalwart supporter of innovation and growth. With a diverse portfolio of services and a keen focus on workforce development, the bank is poised to play a pivotal role in shaping the region’s future.
