Introducing the State Small Business Credit Initiative (SSBCI)
The state of Maryland has been approved by the U.S. Treasury to administer up to $198 million in federal assistance, including subsequent performance-based funds, through the State Small Business Credit Initiative (SSBCI).
“These additional resources from the State Small Business Credit Initiative will help ensure that Maryland’s small businesses, particularly those in underserved communities primed for revitalization, have access to the critical financial resources needed to set them up for success,” said Governor Larry Hogan.
The state of Maryland expects to begin deploying SSBCI resources through these programs in the summer of 2022. Business owners and lending institutions wishing to apply for financing should visit open.maryland.gov/ssbci to submit an expression of interest form to be notified when funds become available.
The $198 million will be divided into three main categories of funding—the Department of Housing and Community Development (DHCD), the Department of Commerce’s Maryland Small Business Development Financing Authority (MSBDFA), and the Maryland Technology Development Corporation (TEDCO) as indicated in the graphic below.