TEDCO, the Maryland Technology Development Corporation, announced a new regional entrepreneur empowerment program at their 2024 Entrepreneur Expo on Dec. 4 at the Renaissance Baltimore Harborplace Hotel.

In the panel, “BRIDGEing the Gap with Legal, Accounting, and Financial Technical Assistance,” five panelists highlighted the state’s commitment to fostering innovation and supporting emerging businesses, and included information on the Business Resource Information, Development & Guidance Ecosystem (BRIDGE) program.

“TEDCO has a lot of funding and investment programs that we run. But there are a lot of other entrepreneurs who are not technology-based businesses,” said Stephen Auvil, TEDCO’s chief federal engagement officer. “The programs that I'm talking about here are allowing TEDCO to direct partners to expand that footprint and help other businesses grow.”

Funded by a federal award from the U.S. Department of the Treasury, BRIDGE aims to address the unique challenges faced by entrepreneurs, particularly those in underserved communities. The program offers a wide range of services, from financial literacy training to legal advice.

“Very small businesses and underserved businesses do have a need for technical assistance including legal, accounting and financial services,” said Lillian Lowrey, grants manager from U.S. Department of the Treasury. “So Congress allocated money to allow my office to give grants to states and territories throughout the country for us to provide those services.”

In collaboration with Small Business Development Centers (SBDCs) across Maryland, Delaware, Virginia and the District of Columbia, the University of Maryland Francis King Carey School of Law and other area organizations, TEDCO will offer eight unique programs to help small businesses access critical resources and capital. These include:

  • Financial literacy, credit repair, and building: Comprehensive workshops and seminars will be offered to educate small business owners on topics such as budgeting, cash flow management and financial forecasting.
  • Community development financial institution (CDFI) technical assistance: Entrepreneurs will receive guidance on credit repair, building and management strategies to enhance their creditworthiness and qualify for loans and other financing options.
  • Back-office in a box: This program will offer affordable back-office services, such as bookkeeping, accounting and HR, to help small businesses streamline their operations and reduce costs.
  • Institute for Women and Entrepreneur Excellence, Inc.: This program will offer expanded mentorship, networking opportunities and specialized training to women entrepreneurs.
  • Rural and Urban business innovation (R/UBII) initiative: This initiative will continue to provide funding and technical assistance to businesses in rural and urban areas, with a focus on underserved communities.
  • BRIDGE proposal lab: The existing proposal lab will be expanded to provide support to small businesses seeking government funding, including SBIR/STTR grants and other federal, state, and local funding opportunities.
  • Small business legal clinic: The University of Maryland Francis King Carey School of Law clinic will provide free legal services to entrepreneurs. The clinic will offer assistance with business formation and structure, contracts and negotiations, intellectual property protection, employment law compliance, and tax planning and strategy.
  • Loaned executive program: This program will offer more fractional executive support to small businesses, helping them with strategic planning, operations, and financial management.

BRIDGE program collaborators in attendance shared their enthusiasm for the program, elaborating on the support they offer.

“The sweet spot of the Small Business Center (SBC) is the one-on-one consulting, so we're going to have one-on-one counseling sessions,” said Lora Brown, executive director at Maryland Small Business Development Center. “The SBC consults us address individual financial funds.”

Shara L. Boonshaft, associate dean for external relations at University of Maryland Francis King Carey School of Law, celebrated the anticipated impact of the Small Business Clinic, recalling, “We know that there's a great need for legal services by small businesses and entrepreneurs that has not been met. And we know that when those needs aren't met, a lot of mistakes happen in those early days that have great repercussions down the road. The clinic would address Maryland's lack of access to justice for disadvantaged communities.”

Graham Dodge, TEDCO’s vice president of Venture Development discussed how three existing programs would be scaled under the BRIDGE program to better serve entrepreneurs: the Institute for Women and Entrepreneur Excellence, Inc., R/UBII Initiatives, and Loaned Executive Program. “These would be expanded to include many of the small businesses that would be outside TEDCO’s purview normally as a primary life sciences and technology support organization,” he said. “These will be tailored to the needs of that business.”

The comprehensive BRIDGE program is poised to make a significant impact on the small business landscape in Maryland and throughout the BRIDGE region. The addition of this groundbreaking program is a testament to how TEDCO and its collaborators are committed to empowering entrepreneurs and fostering economic growth.

Source: Baltimore Business Journal