?The Maryland Community Investment Venture Fund provides grants for financial technology firms—known as “fintechs”—to pilot products and services for small business owners in low to moderate income communities. Funded through assessment credits from Maryland-chartered financial institutions, eligible fintechs can compete for up to $50,000 in grant funding via a pitch and application process. The Maryland Department of Labor’s Office of Financial Regulation will steward the fund as part of their work to enhance banking accessibility in underserved areas.

“As Maryland continues to navigate shifts in the labor market, our small businesses remain essential to driving job creation and economic opportunity,” said Maryland Department of Labor Secretary Portia Wu. “The Maryland Department of Labor will continue to work to increase access to capital and banking services, and strengthen communities across the state.”

The governor’s announcement came during the administration’s first Access to Capital Community Symposium for small business owners, state-chartered financial institutions, community leaders, and local innovators. The event, hosted by the Maryland State Innovation Team brought together stakeholders from across the state to discuss the challenges Maryland that small businesses face in accessing capital and the critical role that businesses play in reducing childhood poverty and the racial wealth gap.

“The Maryland State Innovation Team is guided by data and the real experiences of Marylanders as we work to co-create solutions that meet their needs,” said Maryland Chief Innovation Officer Francesca Ioffreda. “By lifting up the voices of small business owners in our research, design, and partnerships, we’re building stronger, more inclusive systems that support long-term economic growth and opportunity.”?

Fintechs are encouraged to submit their interest via the Maryland Community Investment Fund website. In the coming months, select firms will be invited to pitch and demonstrate their products to determine grant award recipients.

“Maryland’s spirit of innovation can drive more equitable access to capital,” said Maryland Commissioner of Financial Regulation Tony Salazar. “By equipping our banks and credit unions with the tools they need to serve more Marylanders, we are empowering entrepreneurs to launch and grow businesses that fuel local economies.”

For more information, visit labor.maryland.gov/finance/mciv.