Governor Moore Announces Maryland Community Investment Venture Fund Awards and Maryland Opportunity Accounts to Expand Financial Opportunity in Maryland Communities

ANNAPOLIS, MD - Governor Wes Moore and Lt. Governor Aruna Miller today announced the first two awards from the Maryland Community Investment Venture (MCIV) Fund, designed to expand access to capital and financial tools for more businesses in low- to moderate-income communities in Maryland. The MCIV Fund supports dynamic new partnerships between Maryland community banks and credit unions and financial technology partners to enable local small businesses to access financial products and services.

"From day one, our North Star has been to create an economy where everyone has access to work, wages, and wealth," said Gov. Moore. "These investments are a critical step forward in that mission, empowering our small businesses across our state to access the capital they need to grow. We know that lasting economic transformation requires cross-sector collaboration-bringing together the public sector, local financial institutions, and innovators to unlock the kind of economic growth that leaves no one behind."

"Innovation is most powerful when it expands opportunity-and that shouldn't depend on your ZIP code or whether your community has historically had access to investment," said Lt. Governor Aruna Miller. "The MCIV Fund is about breaking down barriers and building pathways for Maryland entrepreneurs, families, and small businesses to thrive."

Lt. Governor Miller joined state leaders, financial institutions, fintech innovators, and community advocates at Maryland's Access to Capital Forum to announce the grant award partnerships for this round, which include First United Bank & Trust (Oakland, MD) and Abrigo, Inc., partnering to streamline loan decisions, and Har-co Credit Union (Bel Air, MD) and LoanStar Technologies, Inc., working to help local businesses offer flexible financing options to customers directly at the point of sale.

"Maryland's state-chartered community banks and credit unions are pillars of our local communities," said Maryland Department of Labor Secretary Portia Wu. "The Maryland Community Investment Fund enables these local financial institutions to provide greater support for the small businesses that are most in need of their financial services and solutions. The awards announced today represent an important step toward this goal."

"I am incredibly proud of the role Maryland's state-chartered financial institutions continue to play in supporting our communities," said Commissioner of Financial Regulation Antonio P. Salazar. "Our banks and credit unions are deeply rooted in the neighborhoods they serve and their commitment to innovation, responsible growth, and community investment is what makes initiatives like the Fund possible."

The Maryland State Innovation Team helped to shape the program's design and drive operations informed by months of in-depth research in communities to understand barriers to capital and deep engagement with financial institutions and the inclusive fintech ecosystem.

"The Fund is a first-in-the-nation approach to bridging the access gap between small businesses in the most in-need communities and the financial services and affordable capital they need to thrive," said Maryland Chief Innovation Officer Francesca Ioffreda. "The partnerships announced today represent what is possible when collaborative innovation is applied to ensure that economic growth in Maryland can be accessible to all."

Maryland is also celebrating the expansion of the Access to Banking Act, which formally brings support for consumers into the mission of the Maryland Community Investment Venture Fund and creates the new Maryland Opportunity Account initiative. This new initiative encourages Maryland state-chartered banks and credit unions to offer safe, affordable deposit accounts that promote greater access to the financial system for Marylanders.

For more information on the Maryland Community Investment Venture Fund, visit the Office of Financial Regulation's website or contact the Governor's Innovation Team at [email protected].

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Dinah Winnick