InvestMD and Prince George’s County’s Economic Development Fund on their way to distributing millions to local businesses.
From Washington Business Journal, “Maryland officials are preparing to dole out the first investments of the $84 million InvestMaryland program this summer, but they must first whittle down a list of 37 venture capital firm applicants to about half a dozen.
The funding will essentially make the state a limited partner in five to eight VC firms, which will be tasked with routing the funds back into Maryland tech and biotech startups in a traditional VC role. A list of recommended firms is due to be released later this month. The program is on track to begin awarding funds as early as July, according to officials, with infusions of roughly $10 million each on average.”
And from the Washington Post, “Prince George’s County Executive Rushern L. Baker III (D) on Friday announced the seven members of a new panel to help the county vet applicants for its $50 million economic development fund. The committee is responsible for helping screen loan applicants and providing credit guidance to Brad Seamon, the county’s chief administrative officer.
Committee members are: Rochelle S. Andrews of Upper Marlboro, a management consultant; Earl W. Checkley of Upper Marlboro, a controller for Deloitte Consulting’s Federal Government Services Practices; Kimmey Doney of Upper Marlboro, a Wells Fargo vice president; Mia N. Pittman of Landover Hills, a bank examiner for the Federal Deposit Insurance Corporation; Timothy Sanders of Bowie, president of Capital Lending and Mortgage Group; Dion W. Smith of Cheltenham, a vice president and commercial loan officer for Old Line Bank; and Maurice C. Taylor of Bowie, Vice President for University Operations at Morgan State University in Baltimore. Andrews, Pittman and Smith were recommended by the County Council; Checkley, Doney, Sanders and Taylor were recommended by Baker.”