The Maryland Tech Council (MTC) announced today it will receive a $378,000 federal CARES Act grant to significantly expand its Business Continuity Task Force to assist more entrepreneurs in Maryland as they navigate COVID-19’s economic impact. Awarded by the U.S. Economic Development Administration, the grant enables MTC to expand the task force’s mentoring services to tech and life science businesses in the City of Baltimore, Baltimore County, and Prince George’s County at no cost.
The task force pairs tech and life science executives with experienced mentors who specialize in finance, accounting, engineering, innovation, and founders issues. The goal is to provide these entrepreneurs free and practical advice on leading a business through economic uncertainty from experts who navigated crises like the 2008 recession.
Small to mid-size businesses in Prince George’s County, Baltimore County, and the City of Baltimore are invited to apply online to be matched with a task force member and receive assistance at no cost.
MTC created the task force in 2020 with a grant from the Montgomery County Council to provide mentoring services to the county’s tech and life science executives. Dozens of businesses utilized the program, demonstrating its potential to assist companies across Maryland. The Montgomery County Economic Development Corporation will support the expansion to new jurisdictions by providing in-kind grant compliance reporting support.
“Our businesses and entrepreneurs are the economic lifeblood that sustain and grow our economy,” said Senator Chris Van Hollen. “Many of them have been hit hard by the pandemic, and these funds will support the efforts of the Maryland Tech Council’s Business Continuity Task Force to help those businesses navigate the economic fallout and weather the storm. I was proud to fight for vital relief for Maryland’s businesses through the CARES Act and American Rescue Plan, and I will keep working to support our entrepreneurs and business owners.”
“The COVID-19 pandemic created a gauntlet of challenges for entrepreneurs, from volatile capital markets to managing remote workforces overnight,” said Marty Rosendale, CEO of the Maryland Tech Council. “We created the Business Continuity Task Force in 2020 to help entrepreneurs reimagine the post-COVID future with the help of seasoned volunteer mentors who have been tested in crises before. This grant significantly accelerates our mission to connect more Maryland entrepreneurs with unbiased business counsel from senior mentors so they can withstand and move past this volatile economic landscape.”
“As we continue to build towards our recovery, we must do whatever we can to help businesses navigate the long-term economic impacts of the COVID-19 pandemic,” Baltimore County Executive Johnny Olszewski said. “Baltimore County is proud to support this exciting expansion of the Business Continuity Task Force’s work to help local entrepreneurs receive the mentorship and support they need to recover and thrive in the months and years ahead.”
“We are very pleased to partner with MTC to support Montgomery County tech companies with their economic recovery. This federal grant, coupled with the county’s previous funding, now allows for an expansion statewide of this very helpful mentoring program outside of just Montgomery County’s technology corridor,” said Benjamin H. Wu, President and CEO of the Montgomery County Economic Development Corporation (MCEDC). “This is another effective partnership between our two organizations to support our local entrepreneurs and the technology community.”
For more information, visit the Business Continuity Task Force webpage.
ABOUT THE MARYLAND TECH COUNCIL
The Maryland Tech Council (MTC) is a collaborative community that is actively engaged in building strong technology and life sciences industries by supporting the efforts of our individual members. We are the largest technology and life sciences trade association in the state of Maryland, and we provide value by giving members a forum to learn, share, and connect. MTC brings the region’s community together into a single, united organization that empowers our members to achieve their business goals through advocacy, networking and education. The vision for the Maryland Tech Council is to propel Maryland to become the number one innovation economy for life sciences and technology in the country. For more information: mdtechcouncil.com.