Bill > SB377

This bill establishes the Business Resource Initiative for Developmental Growth and Empowerment (BRIDGE) Program within the Maryland Department of Commerce to provide grants to qualified business incubators. A qualified incubator is defined as a for-profit, nonprofit, or social enterprise organization that primarily serves Maryland businesses, requires participating businesses to engage in a formal early-stage business development program, and is led by an individual who has completed specialized training in supporting diverse entrepreneurship. The program will award grants between $100,000 and $400,000 annually to these incubators for purposes such as planning, capital improvements, and operating expenses. The Department of Commerce will prioritize awarding grants to incubators managed by socially or economically disadvantaged individuals, located in underserved communities, or supporting companies led by diverse entrepreneurs. A dedicated BRIDGE Fund will be created to support these grants, with the potential for up to $5 million in annual state appropriations from fiscal years 2027 to 2032. Grant recipients must submit annual reports documenting their use of funds and economic impact, and the Department of Commerce will provide an annual report to the General Assembly. The program is set to remain in effect until June 30, 2032, after which it will automatically expire.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0377?ys=2025RS