Maryland Technology Development Corporation - Maryland Growth Initiative - Established

HB 1596 establishes the Maryland Growth Initiative within the Maryland Technology Development Corporation to support start-up companies in Maryland that are transitioning from early development to scaling. The Initiative will identify and prioritize companies in this growth phase, with special focus on those previously funded by Maryland Innovation Initiative, other Corporation programs, or minority-owned businesses. It creates a permanent $5 million annual fund administered by the Corporation, which may use private investment, interest earnings, and state appropriations to provide post-seed funding, business expertise, and infrastructure support - without replacing existing funding sources. The fund is designed to help companies scale locally instead of relocating.