Maryland nabs $10M from US Treasury for small business tech and legal services

Capital continues to flow in Baltimore, especially in the lucrative world of government-related funding. 

TEDCO announced a new program with the help of federal dollars to boost small businesses. The Maryland Department of Commerce is also calling for applications for innovative projects in advanced manufacturing, biotechnology, quantum and other tech sectors. 

Keep scrolling to get the details and more funding news in the region. 

TEDCO lands funds to help small businesses 

The State of Maryland-affiliated economic development nonprofit was awarded $10 million in funds through a program led by the US Department of Treasury. 

Funds will go toward TEDCO’s new BRIDGE program, which an announcement said will focus on helping marginalized business owners and founders of “very small” businesses with legal, tech and other services. It’ll also fund collaboration with Small Business Development Centers in Maryland, DC, Virginia and Delaware. The project is designed to support a swath of businesses, including tech startups. 

“Turning an idea into a job-creator takes time, money, and support,” said Maryland Gov. Wes Moore. “By working together across the state and federal levels, we are helping entrepreneurs and small business owners access all three.”

MCB Real Estate purchases California retail center

The Baltimore-headquartered commercial real estate investment management firm acquired the Falcon Ridge Town Center in Fontana for nearly $65 million. 

The purchase was made jointly through a fund managed by the New York-based real estate investment advisor DRA Advisors. 

“Our combined expertise will drive the success of Falcon Ridge Town Center, exemplifying MCB’s approach to identifying and securing high potential properties,” said MCB managing partner and cofounder P. David Bramble. “Falcon Ridge is going to be successful for many years to come.”

This California purchase isn’t new behavior for MCB Real Estate. The firm, involved in the redevelopment of Harborplace and other regional real estate projects, operates in 32 states and has a nationwide portfolio of $3 billion.

Government contractor wins Army satellite project 

RSC2, an IT and strategic planning firm in Baltimore County, announced a $30 million contract for operations and engineering consulting services to the US Army. It will steward this project along with companies like Linchpin, Sigma Defense, EOA Technologies and SES. 

The firm, based out of the bwtech@UMBC innovation park, will specifically focus on satellite communications management and engineering. 

“Winning this contract demonstrates our commitment to supporting the US Army’s mission-critical operations,” said Scott Cheseldine, the company’s EVP of mission services. “We are proud to support the Army’s tactical network and ensure reliable communications for our warfighters.”

Other Baltimore-area raises and awards

• Applications are open for the second round of the Maryland Department of Commerce’s Build Our Future grant program, which funds innovative projects in certain tech sectors to improve infrastructure. The deadline is Sept. 27. 
• The beleaguered, Baltimore-based Under Armour estimates it’ll take $160 million to restructure, the Baltimore Sun reported. Before this, in June, reports noted that the Locust Point-based apparel company is set to pay $434 million to resolve a shareholder suit.
• Local executives’ pay continues to rise, according to the Baltimore Business Journal. The median pay for top executives in the area jumped 92% between 2017 and 2023. 
• TEDCO invested funds in a couple of regional, including a $200,000 award to the Baltimore biotech company JuneBrain, and $25,000 to Frederick-based clinical diagnostic and biotech company NEOPATHOLOGY. 
• Lifebridge Health landed $10 million to fund scholarships for medical students. 
• The namesake foundation of clean energy company Constellation, headquartered in Harbor East, is helping Maryland students go to the Maryland Science Center through $850,000 in grants.
• 99 Acquisition Group dissolved and liquidated its shares after Columbia’s Nava Health canceled an acquisition deal, the Baltimore Business Journal reported. 

This article references TEDCO, a Technical.ly client. That relationship has no impact on this report.