Governor Moore Announces $3 Million to Support Small and Minority-Owned Business Growth

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Official release

Source material from Maryland Department of Commerce. The wording below is the issuer’s statement.

Governor Moore Announces $3 Million to Support Small and Minority-Owned Business Growth

Press Release

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May 28, 2026

BALTIMORE, MD (May 28, 2026) — Governor Wes Moore today announced $3 million in financial assistance to support small and minority-owned business growth to help make Maryland more competitive. The funding, which includes loans and equity investments from the Maryland Small Business Development Financing Authority, will help the businesses create 72 new jobs and retain 28 workers in the state.

“To make Maryland more competitive, we must ensure that every entrepreneur has a fair shot at success,” said Gov. Moore. “This investment through the Maryland Small Business Development Financing Authority, bolstered by the DECADE Act of 2026, is a testament to our commitment to creating equitable pathways to work, wages, and wealth for our small and minority-owned businesses.”

The Maryland Small Business Development Financing Authority provides various types of financing assistance to small and minority-owned businesses, which can be used for acquiring machinery and equipment; supplies and materials; purchasing real estate; leasehold improvements; and working capital. The authority also distributes federal assistance through the State Small Business Credit Initiative and is managed by private contractor Meridian Management Group, a Baltimore-based professional asset manager for economic development and private equity funds.

The authority has assisted several businesses recently, including Aidar Health, a Columbia healthcare technology and digital medicine company working to enhance standards for chronic disease management; Bon AppéSweet, a Leonardtown manufacturer of chocolate that is sweetened using dates; DXC Trading, a start-up retailer in North Potomac specializing in finely handcrafted violins, violas, and cellos; Globalsunny NA, a logistics, transportation, and storage services provider specializing in the life sciences and healthcare industries in Lanham; Pelican Fly, a Baltimore provider of immersive education experiences using drones, robotics, 3D printing, coding, and other advanced technologies; and Señors Market, LLC, a father-and-son operated shop in Annapolis with fresh produce, specialty goods, and a Mexican restaurant.

Between Fiscal Year 2021 to 2025, the Maryland Small Business Development Financing Authority directly incentivized 2,450 jobs by leveraging approximately $33 million in loans and equity investments in Maryland businesses. On average, each capital commitment of $13,521 from the program’s funds generated a new or retained job in the state.

“Maryland is focused on creating an equitable, robust, and competitive economy—and that starts with supporting our entrepreneurs and small business community,” said Maryland Department of Commerce Secretary Harry Coker, Jr. “We’re grateful to these small businesses for creating new job opportunities in Maryland and look forward to watching them grow throughout the state.”

To learn more about available financial incentives in Maryland, visit commerce.maryland.gov.

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Release text attributed to Maryland Department of Commerce. Consult the official publication for any subsequent corrections or updates.