Bill > HB1596

This bill establishes the Maryland Growth Initiative within the Maryland Technology Development Corporation (often referred to as "the Corporation") to support the growth of start-up companies in Maryland. The Initiative will identify promising companies that are beyond the initial start-up phase but not yet fully scaled, and will provide them with access to experts in areas like regulatory processes, manufacturing, and market launches, facilitate private investment, assist with acquiring necessary infrastructure such as office space and equipment, and offer technical and business expertise. To fund these efforts, a special, nonlapsing Maryland Growth Initiative Fund is created, which will receive appropriations from the state budget, public and private investments, and interest earnings. The Governor is required to include a $5,000,000 appropriation for the Initiative in the annual budget, which will supplement existing funds. The Initiative will also create a prioritized list of companies, giving preference to those who have received funding from the Maryland Innovation Initiative or other Corporation-administered programs, as well as minority business enterprises. This bill also amends state finance laws to ensure that interest earned on the Maryland Growth Initiative Fund accrues to the fund itself, rather than the state's general fund, and the Act is set to take effect on October 1, 2026.

Government Affairs

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1596?ys=2026RS