What’s happening?
Maryland Gov. Wes Moore signed bills into law on Monday, creating grants to incentivize technology projects and increase banking access for low- to middle-income residents, Jack Hogan reports for the Maryland Daily Record. The legislation fulfilled two of Moore’s top economic development priorities outlined during the state legislative session, which concluded earlier this year.
What are the specifics of the bills?
One of the bills established a four-year grant pilot program that will award up to $2 million to private technology companies, nonprofit organizations, local governments, and colleges and universities for projects such as building wet laboratories and prototype manufacturing facilities. The state has allocated $10 million for each year of the program, and grant recipients will be required to match funds depending on the grant amount.
Another bill, the Access to Banking Act, will make it easier for low- to moderate-income residents to secure capital to start their own business by creating a private venture fund financed by private and public investments. The goal is to spur opportunities for banks and credit unions to work with this population. The state is expected to budget $3 million for the first year of the program and $2.3 million each year for the next four years.
Anything else I should know?
Moore also approved legislation to create a new position in the Maryland Department of Agriculture aimed at growing the state’s agricultural industry, as well as a bill that will expand tax credits for film production and establish a council with the goal of attracting investment for local films.
You can read more here.
