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COVID-19 / Entrepreneurs / Funding / Science

Maryland Tech Council got $250K to aid entrepreneurs in the state affected by COVID-19

The funding will go toward further assisting tech and life science companies that are navigating the economic downturn caused by the pandemic.

Maryland's flag. (Flickr/Thad Zajdowicz)

Maryland Tech Council (MTC) received $250,000 from Montgomery County to further assist tech and life science entrepreneurs in Maryland affected by COVID-19.

The Gaithersburg-based council is a trade group working to advance technology and biotechnology communities in the state. This funding initiative comes as part of MTC’s Business Continuity Task Force, a group offering support to companies in the state as they work through challenges. Some members of the task force include Neil Davis, director of entrepreneurial initiatives for TEDCO; Jay Turakhi, the business banking market leader for SunTrust in Maryland; and Martin Rosendale, CEO of MTC.

Over the next year, the council’s Business Continuity Task Force specifically plans to help 85 businesses in Montgomery County that are navigating the economic downturn from the pandemic.

“We are pleased that Montgomery County values and is providing much-needed support for the Business Continuity Task Force,” said Rosendale in a statement. “With these funds, we will be able to help companies address some of their immediate needs, while also working to support them in developing recovery plans and executing on them.”

The Business Continuity Task Force is comprised of experienced business leaders and mentors who have guided companies through major financial crises, including the recession in 2008, a press release states. The task force members will provide support at no charge to small and mid-sized businesses with more than one full-time employees and less than 25o team members overall. Companies can apply to get assistance from the task force.

“This is a great opportunity for Montgomery County to support recovery in our life science and tech sectors,” said Montgomery County Councilman Hans Riemer. “Together we will help companies maximize their resiliency and reimagine their future.”

Companies: Maryland Tech Council
Series: Coronavirus
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