By Morgan Eichensehr
January 5, 2020
Maryland Technology Development Corp. (TEDCO) will distribute $5 million to local startups that have been hit especially hard by the Covid-19 pandemic, namely rural businesses or those led by socially and economically disadvantaged founders.
TEDCO is offering financial relief to early-stage companies that have been heavily impacted by the ongoing coronavirus crisis and are in need of bridge funding to survive. The funds will be distributed to companies that face the highest barriers to obtaining funding from traditional sources, and that are expected to be able to scale when the current crisis subsides.
TEDCO expects to begin distributing the money in early February, and said additional information about how qualifying companies can apply for the funds will soon be available on its website.
The $5 million was designated for companies that can demonstrate they have experienced some adverse impact due to the pandemic. It was set aside as part of a $180 million state emergency economic relief package announced by Gov. Larry Hogan last month.
Businesses that have historically faced difficulty accessing funding from traditional sources, such as minority-owned or women-owned companies or those in rural areas with limited tech and entrepreneurial resources, have also been hit hardest by the negative economic impacts of the Covid-19 pandemic. Data also shows such companies have largely been passed over for the emergency funding distributed thus far.
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Source: Baltimore Business Journal