SSBCI funds begin flowing to Maryland companies

11/02/2022 | Julie Miller

SSBCI funds begin flowing to Maryland companies

11/02/2022 | Julie Miller

Through the State Small Business Credit Initiative (SSBCI), $198 million in funding is available for qualified Maryland businesses. Earlier this year, the state announced its approval by the U.S. Treasury, and its plans to leverage programs at Maryland Department of Housing and Community Development (DHCD); the Maryland Department of Commerce; and the Maryland Technology Development Corporation (TEDCO) to distribute the funding. With SSBCI in full swing in Maryland, the state announced that two life science companies are the first to receive funding commitments.

In September, TEDCO announced  that it invested $1 million in SSBCI funds in Medcura, Inc. , a life science and medical device company. Medcura developed an advanced wound treatment platform to provide rapid and reliable bleeding management, while creating an antibacterial healing environment. This technology has been developed into a versatile hemostatic product line targeting surgical, military/trauma, and even consumer applications.

“TEDCO and our home state of Maryland has been an invaluable supporter of Medcura’s pioneering work to support surgeons, patients and the military with our product to quickly stop patient bleeding," said Medcura’s CEO Jim Buck. “This SSBCI funding helped to galvanize a larger round that will support the expansion of our commercial footprint and support further clinical evaluation of our product line—taking Medcura to the next level.”

Clene Nanomedicine , a biopharmaceutical company dedicated to improving the treatment of neurodegenerative diseases, will also receive a SSBCI investment, DHCD recently announced . The $5 million investment is issued through the SSBCI Venture Funds Program, a loan program designed to assist businesses with high potential job growth that have already raised equity from early-stage investors and are seeking new investors.

“These funds, along with existing cash-on-hand, enable Clene to advance its pipeline in difficult-to-treat neurodegenerative diseases, focusing immediately on ALS,” said Rob Etherington, CEO and president of Clene.

Nine Maryland business assistance programs are supported by SSBCI, and opportunities for businesses are still available.

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