Moore announces $3 million in aid to help small- and minority-owned business in Maryland

May 31, 2026 - 08:34

Some small- and minority-owned businesses in Maryland will soon have access to new state funding aimed at helping them grow. Governor Wes Moore announced a $3 million investment package designed to provide direct financial support to these enterprises, which often face greater barriers to securing traditional loans and capital.

The funding will be distributed through a network of community development financial institutions and local economic development organizations. These groups will work directly with business owners to offer grants, low-interest loans, and technical assistance. The goal is to help companies that have struggled to recover from the economic disruptions of recent years and to level the playing field for entrepreneurs who have historically been underserved.

Governor Moore emphasized that the initiative is about more than just writing checks. He stated that the state is committed to building a stronger, more inclusive economy by ensuring that wealth-building opportunities reach every corner of Maryland. The announcement was made during a visit to a local business in Baltimore, where the governor highlighted the role small businesses play in creating jobs and stabilizing neighborhoods.

Eligible businesses include those that are at least 51 percent owned and operated by individuals from underrepresented groups, including people of color, women, and veterans. Applications are expected to open later this month through the Maryland Department of Commerce. The program is part of a broader state effort to direct resources toward communities that have historically been left out of major economic growth cycles.