Bill > HB648

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, B Corporation, public-private partnership, or social enterprise that primarily serves Maryland businesses, requires participating businesses to engage in a formal early-stage business development program, and is led by someone who has completed specialized training in diversity, equity, and entrepreneurship support. The program will award grants each fiscal year ranging from $100,000 to $400,000 for purposes such as planning, capital improvements, and operational expenses. Grants will be automatically renewed annually, subject to the incubator's compliance with performance metrics and competitive evaluation. The Department will prioritize grants to incubators managed by socially or economically disadvantaged individuals, located in underserved communities, or supporting start-up companies led by disadvantaged entrepreneurs. A dedicated BRIDGE Fund will support the program, with potential annual state appropriations of $5 million, and up to 7% of the fund can be used for administrative costs. The program is set to operate from July 1, 2025, through June 30, 2032, after which it will automatically expire unless further action is taken by the legislature.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0648?ys=2025RS