Tedco launches Minority Business Pre-Seed Fund
Posted on 16 February, 2017 by Thierry Heles, editor
Maryland Technology Development Corporation has partnered Harbor Bank to establish a $400,000 fund aimed at black entrepreneurs.
Tedco, the state-owned Technology Development Corporation of Maryland, has partnered financial services Harbor Bank to launch a fund aimed at black entrepreneurs, the Baltimore Business Journal wrote on Tuesday.
The Minority Business Pre-Seed Fund will provide $40,000 to each of ten entrepreneurs over four quarters. Tedco and Harbor Bank’s in-house development corporation will each provide half the capital.
The fund is the result of a diversity initiative launched by Tedco last year. It follows the realisation that black entrepreneurs have traditionally found it difficult to access bootstrap capital, causing a negative impact on the amount of startups led by minorities in the region.
McKeever Conwell, deal team coordinator at Tedco who will head the fund, said "In talking with other entrepreneurs, we noticed a trend in the black entrepreneurial community, that there is this lack of friends and family funding. There are a lot of reasons for this, but mainly, there is a wealth gap issue."
John Wasilisin, president of Tedco, said: “The [fund] is designed to be Tedco’s initial attempt to grow entrepreneurship in underrepresented communities, with the goal of fuelling innovation and economic development in Maryland.”
See more from this Government Report: Maryland, US
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