About The Bill
The B.R.I.D.G.E. Program represents a significant investment in Maryland's economic future, targeting support to areas and entrepreneurs who have historically lacked access to resources. By fostering a more inclusive business ecosystem, this initiative aims to unlock untapped potential and drive economic growth across the state.
KEY FEATURES
Administered by the Maryland Department of Commerce
Ensures professional oversight and management by a state agency experienced in economic development
Annual appropriation of $5,000,000 from fiscal years 2027 through 2032
Provides consistent, long-term funding to support business incubators and foster economic growth
Grants ranging from $100,000 to $400,000 per fiscal year
Offers substantial financial support to help establish and grow qualified incubators
Focus on qualified incubators established after January 1, 2012
Targets support to newer incubators, encouraging fresh ideas and innovative approaches to business development
Program Details
Qualified Incubators
- Must primarily serve businesses in the state
- Staffed by at least one dedicated mentor
- Can be for-profit, nonprofit organizations, B corporations, public-private partnerships, or social enterprises in Maryland
- Require participating businesses to engage in a formal incubator program for early-stage businesses
- Directed by an individual trained in operating business incubators targeting socially and economically disadvantaged entrepreneurs
Grant Purposes
- Planning for establishment or long-term sustainability of incubators
- Capital improvements, securing real estate, renovations, and equipment purchases
- Operating and program expenses (limited to 25% of operating expenses after the first year)
Application Process
- Competitive application established by the Department of Commerce.
- Preference given to incubators managed by or serving disadvantaged individuals, located in HUB Zones or Opportunity Zones, and those with experience supporting startups
Accountability
- Annual reporting required from grant recipients
- Department of Commerce to report annually to the General Assembly on program impact
Program Highlight
Competitive application process with preference given to incubators managed by or serving disadvantaged individuals, located in HUB Zones or Opportunity Zones, and those with experience supporting startups.
Economic Impact
Potential to add $1-1.5 trillion to the U.S. economy by 2028
Fostering Business Growth
Increase thriving Maryland businesses by supporting diverse incubators and providing resources for early-stage ventures to succeed.
Strengthening Fiscal Health
Grow Maryland's tax base by cultivating new businesses that contribute to state revenue and expand economic activity.
Create jobs in underserved areas
Create jobs in underserved areas by targeting support to HUB Zones, Opportunity Zones, and under-served communities.