Hoyer Remarks on Press Call Announcing Federal Grant for TEDCO Regional Small Business Development Initiative
WASHINGTON, DC – Today, Congressman Steny H. Hoyer (MD-05) joined Deputy Treasury Secretary Wally Adeyemo, Governor Wes Moore, and Senator Chris Van Hollen (D-MD) for a press call to announce a multimillion-dollar federal grant for the Maryland Technology Development Corporation (TEDCO) to provide support services to help small businesses in the state and mid-Atlantic region grow and succeed. The funding is delivered through the Treasury Department’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP), which was funded through the American Rescue Plan. Below is a transcript of his remarks:
"Thank you, and I am pleased to join Senator Van Hollen. He and I, as has been said, worked very hard to get the funding so that the programs that have been initiated under the Biden-Harris Administration, which go under the rubric of Investing in America, investing in American citizens, investing in small businesses, can be successful.
"As Majority Leader in the last Congress, I worked with the Biden-Harris Administration and the Democrats to secure historic investments with major investments in manufacturing, infrastructure, research and development, green technology, entrepreneurs, in particular, and manufacturers and the growth of our opportunity to compete in the 21st Century. And those bills include the American Rescue Plan, which expanded the Small Business Credit Initiative grant program, which made this money available. Those investments have helped, as the Secretary said, to historic small business growth. Since President Biden and Vice President Harris took office, Americans have submitted a record 18.6 million applications. Now, I think this is a little behind because the Secretary just said 19 million new jobs. But in either event, that's more than in any point in time in the past. And it includes, in this state, under Governor Moore's leadership, 349,000, almost 350,000 applications right here in Maryland.
“Now, I Chair and work with Secretary Adeyemo on the Regional Leadership Council and we're working with House Democrats and the Biden-Harris Administration to implement these laws that I just talked about, and to help people who need to access these programs to be established and succeed from the Investing in America agenda. That's the aim, of course, of this $10 million grant, to help Maryland small businesses and the small businesses in our region take full advantage of these new economic opportunities. The Governor pointed out not everybody has big divisions in their organization. And the Secretary also pointed this out to make sure that they can access monies available, technology available, information available to help them succeed and grow their businesses.
"This grant will fund Maryland's new business resource information development and guidance ecosystem, the BRIDGE program. Again, the very essence of making sure that people understand the investment that we have made, the dollars that are available, the help that’s available so that they can succeed in establishing a new business, because, as was pointed out, most new businesses, most jobs in this country are created in small, new start-up businesses. Then they become medium sized and add to the opportunities for the American people. This investment, crucially, to help our people and small businesses get ahead.
"And as our Governor always says, we're going to Leave No One Behind because they have the unavailability of information. To the leadership of the Regional Leadership Council, I've heard how important it is from all of our members—we have 12 regional people around the 12 regions of this country—all come back with the plea that the small business person that start up with entrepreneur needs information on how to do things. How to get capital, how to get markets, how to expand their businesses. This program and others like it will help level the playing field for benefit of all Americans into our competitive and economic growth. We need to help our small businesses innovate and compete in America's economy if it is to remain as competitive in the 21st Century as we want it to be."