Economic Development - Business Resource Initiative for Developmental Growth and Empowerment (BRIDGE) Program - Establishment

HB 648 establishes the BRIDGE Program within Maryland's Department of Commerce to provide grants to qualifying business incubators. The program targets incubators that primarily serve businesses in Maryland, require formal incubator programs for early-stage companies, and have staff trained to support socially and economically disadvantaged entrepreneurs. Grants cover planning, facility improvements, equipment, and operating costs (with limits on covering more than 25% of operating expenses after the first year), ranging from $100,000 to $400,000 per fiscal year. Preference is given to incubators led by disadvantaged individuals, located in underserved communities or designated zones, or focused on supporting startups led by disadvantaged entrepreneurs.