Moore launches $2.5M venture fund to aid small business owners

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Gov. Wes Moore announced the launch of the Maryland Community Investment Venture Fund, a plan of action created to enhance access to capital and financial services for small business owners in low-to-moderate-income communities. 

The $2.5 million fund was originally established as part of Moore’s 2023 Access to Banking Act and will provide grants for financial technology firms (fintechs) to pilot products and services for small business owner recipients.

“Small businesses are the lifeblood of our economic growth and the keystone of our mission to close the racial wealth gap in Maryland,” Moore said. 

“Together, we are fostering collaboration between our entrepreneurs, innovators, and financial leaders to build opportunity, create jobs, and supercharge our state’s economy. This is a continuation of our North Star from day one—building pathways to work, wages and wealth for all Marylanders.”

Eligible fintechs will have the opportunity to compete for up to $50,000 in grant funding through a pitch and application process, the governor’s office said, adding that grants will be funded through assessment credits from state-chartered financial institutions. 

According to Moore’s office, the Maryland Department of Labor’s Office of Financial Regulation will steward the fund.

The Maryland Community Investment Venture Fund announcement came during the Moore administration’s first Access to Capital Community Symposium at Johns Hopkins University on Wednesday. 

After fintechs submit their interests in grant funding, select firms will be invited to pitch and demonstrate their products, the governor’s office said. Grant award recipients will likely be determined in the coming months.