ANNAPOLIS, MD—Governor Wes Moore this week announced the launch of the Maryland Community Investment Venture Fund, a $2.5 million initiative aimed at boosting access to capital for small business owners in low- to moderate-income communities.
The fund, established under the governor’s 2023 Access to Banking Act, seeks to enhance funding and financial services for small businesses, which Moore called the “lifeblood of our economic growth and the keystone of our mission to close the racial wealth gap in Maryland.”
“Together, we are fostering collaboration between our entrepreneurs, innovators, and financial leaders to build opportunity, create jobs, and supercharge our state’s economy,” Moore said in a statement. “This is a continuation of our North Star from day one—building pathways to work, wages, and wealth for all Marylanders.”
The new fund will provide grants to financial technology firms, or “fintechs,” to pilot products and services designed for small businesses in underserved communities. Funded by assessment credits from Maryland-chartered financial institutions, eligible fintechs can compete for up to $50,000 in grant funding through a pitch and application process.
The Maryland Department of Labor’s Office of Financial Regulation will manage the fund as part of its efforts to improve banking accessibility.
“As Maryland continues to navigate shifts in the labor market, our small businesses remain essential to driving job creation and economic opportunity,” said Maryland Department of Labor Secretary Portia Wu.
The announcement coincided with the administration’s first Access to Capital Community Symposium, an event that brought together small business owners, financial institutions, community leaders and innovators to discuss challenges in accessing capital and the role businesses play in reducing childhood poverty and the racial wealth gap.
Maryland Chief Innovation Officer Francesca Ioffreda emphasized the state’s data-driven approach. “By lifting up the voices of small business owners in our research, design, and partnerships, we’re building stronger, more inclusive systems that support long-term economic growth and opportunity,” she said.
Fintech companies interested in participating are encouraged to submit their interest via the Maryland Community Investment Fund website. Selected firms will later be invited to pitch their products for grant awards.
“Maryland’s spirit of innovation can drive more equitable access to capital,” said Maryland Commissioner of Financial Regulation Tony Salazar. “By equipping our banks and credit unions with the tools they need to serve more Marylanders, we are empowering entrepreneurs to launch and grow businesses that fuel local economies.”
