TEDCO to Receive up to $50 Million from State Small Business Credit Initiative
Funds incorporated into TEDCO’s investment programs for Maryland entrepreneurs
COLUMBIA, Md. (May 25, 2022)—TEDCO, Maryland’s economic engine for technology companies, announced today it will receive up to $50 million from Governor Hogan’s small business relief plan that was approved for funding from the United States Treasury Department’s State Small Business Credit Initiative (SSBCI). TEDCO will allocate the funds into four existing programs targeting technology-based Maryland businesses and entrepreneurs.
“We want to express our thanks to our colleagues at DHCD for their leadership on getting us to this point,” said TEDCO CEO Troy LeMaile-Stovall. “And this point is about investing in individuals and communities that are underrepresented in our innovation ecosystem, while also creating additional funds for TEDCO to invest in firms that will start and scale in Maryland – generating a more equitable future.”
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 Funds, provides investment and support to economically underserved founders and communities. 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.
“These additional funds are a game changer for TEDCO and our existing investment funds,” said Jack Miner, TEDCO’s Chief Investment Officer. “We look forward to expanding our reach and working with more companies throughout the state to help grow our innovation ecosystem.”
TEDCO provides funding, resources and connections that early-stage technology and life sciences companies need to thrive in Maryland. For entrepreneurs interested in applying for TEDCO funding opportunities, visit https://www.tedcomd.com/funding.
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
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