Bill > SB302

This bill modifies the Maryland Small Business Innovation Research and Technology Transfer Incentive Program by removing specific limitations on awards and investments for small businesses. Previously, the program had caps on funding, limiting awards to $25,000 for Phase I projects and $75,000 for Phase II projects, and restricting the number of awards a business could receive to one per fiscal year and no more than 20 Phase I or 10 Phase II awards total. The bill eliminates these restrictions while maintaining the program's core structure, which is administered by the Corporation and aims to support small businesses in research and technology transfer. The program will continue to prioritize businesses engaged in research related to public health crises and will still evaluate applications based on impact and potential for commercialization. The program will also maintain its commitment to coordinating with state and county programs to conduct marketing, outreach, and provide assistance to eligible businesses, with a particular focus on economically disadvantaged, minority-owned, women-owned, rural, and first-time applicants. The changes will take effect on July 1, 2025, potentially providing more flexible and substantial support for small businesses in Maryland's innovation ecosystem.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0302?ys=2025RS