Maryland small business owners will get help with legal, accounting and financial services under a new $10 million grant from the federal government, officials announced this week.
The Treasury Department is awarding the money this fall as part of the American Small Business Opportunity Program.
The award came as good news to Maryland Gov. Wes Moore, who used to run his own small business helping underserved students navigate college.
“When people would tell me it’s really hard to build a business in Maryland, my response to them was always the same: I know, I had to do it myself,” Moore said in a Monday press call announcing the grant.
“This is going to help more Marylanders turn ideas into jobs and businesses,” Moore said, “and turn individuals into job creators.”
The money is meant to fuel local growth and provide innovative resources to disadvantaged start up businesses in the state, according to a Treasury press release.
This federal funding will go to the Maryland Technology Development Corporation, an independent instrument of the state that provides funding, insight, resources and connections to early stage companies.
“There are three ‘T’s’ that every entrepreneur faces: they face a challenge of time, a challenge of talent, and a challenge of treasure,” said Troy A. LeMaile-Stovall, CEO of TEDCO.
The program, he said, will “give them access to talent that they need to grow and scale their enterprises.”