State Small Business Credit Initiative (SSBCI) Program
Maryland Department Of Commerce
The Maryland Department of Commerce (“Commerce”) will administer $45 million of Maryland’s State Small Business Credit Initiative (“SSBCI”) funds through its Maryland Small Business Development Financing Authority (“MSBDFA”) program managed by Meridian Management Group, Inc. (MMG).
Commerce is administering the SSBCI funds in partnership with the Maryland Department of Housing and Community Development and the Maryland Technology Development Corporation.
Funds will be used to support businesses with limited access capital to capital. Maryland’s statewide SSBCI funding will be for all qualifying businesses based in Maryland. It will have a focus on small businesses throughout the state and businesses owned by Socially or Economically Disadvantaged Individuals (SEDI).
SSBCI funding will require a match of at least $1 of private capital for every $1 of SSBCI funding provided. MMG can assist in identifying the matching funds. See Governor Hogan’s SSBCI Announcement.