News Archives - Page 12 of 17 - Rockville Economic Development, Inc

Israel-U.S. Binational Industrial R&D Foundation to invest $7.9 million in 9 new projects including Rockville’s On Demand Pharmaceuticals

The approved projects involve innovations in the areas of drones, energy efficiency, environment protection, medical devices, pharma, software and AI

TEL AVIV, Israel, July 12, 2022 – During its meeting on June 14, 2022, held in Washington D.C., the Board of Governors of the Israel–U.S. Binational Industrial Research and Development (BIRD) Foundation approved $7.9 million in funding for nine new projects between U.S. and Israeli companies. In addition to the grants from BIRD, the projects will access private sector funding, boosting the total value of all projects to $20 million.

The BIRD Foundation promotes collaborations between U.S. and Israeli companies in various technological sectors for joint product development. In addition to providing conditional grants ofup to $1 million (and in rare cases up to $1.5m for exceptional projects), the Foundation assists by working with companies to identify potential strategic partners and facilitate introductions.

The submitted projects are reviewed by evaluators appointed by the National Institute of Standards and Technology (NIST) of the U.S. Department of Commerce and the Israel Innovation Authority.

The nine projects approved by the Board of Governors are in addition to the 1000 projects which the BIRD Foundation has approved for funding during its 44–year history. To date, BIRD’s total investment in joint projects is over $370 million, helping to generate direct and indirect sales of more than $10 billion.

The projects approved include:

Compentex Ltd. (Yavne, Israel) and ChemImage Corporation (Pittsburgh, PA) to develop NurseSpace– a portable AI–based error–preventing robot for automated identification, dispensing, and administration of medications
Extreme Simulations (Tel Aviv, Israel) and SynDaver Labs (Tampa, FL) to develop a modular manikin for healthcare training that meets the needs of life–threatening events through the healthcare system
FlyWorks (Beer–Sheva, Israel) and DelMar Aerospace (Las–Vegas, NV) to develop a novel high–performance UAS solution for detecting greenhouse gas emissions over large-scale energy infrastructure
High Lander Ltd. (Raanana, Israel) and Stephenson Technologies Corporation (Baton Rouge, LA) to develop an Enhanced Drone Digital Sensor Dome providing Domain Awareness for Critical Infrastructures
Overwolf (Ramat Gan, Israel) and Kidas, Inc. (Philadelphia, PA) to develop voice and text chat protection in gaming
Tech Innosphere Engineering, dba Innosphere, (Haifa, Israel) and Baylor College of Medicine (Houston, TX) to develop and evaluate a wearable brain stimulation medical device for treating ADHD
Tel Aviv Sourasky Medical Center (Tel Aviv, Israel) and FIND Surgical Sciences (Boston, MA), to develop and commercialize a clinical decision support system for neurological and psychiatric disorders
Wavelength Pharmaceuticals, a SEQENS company (Petah Tikva, Israel) and On Demand Pharmaceuticals (Rockville, MD) to advance the development and pilot of an on demand medicine manufacturing system
ZutaCore (Shaar Hanegev, Israel) and World Wide Technology (St. Louis, MO) to develop technology for eco–friendly transformation of data centers: ESG compliance to net–zero carbon and water by revolutionizing and optimizing cooling energy and heat reuse

Ms. Mojdeh Bahar, Associate Director for Innovation and Industry Services at the U.S. National Institute of Standards and Technology (NIST), and co–Chair of BIRD’s Board of Governors said: “The diverse array of projects funded through the BIRD Foundation
demonstrates how international cooperation can spur creative solutions and bring important solutions and services to the market. The BIRD Foundation brings together companies from Israel and the U.S. that possess a strong balance of technical expertise and commercial foresight. The challenges these projects seek to address–in patient care and therapeutics, energy efficiency, industrial services, and more, support essential sectors of our economy. We wish all the companies great success!”

Dr. Amiram Appelbaum, Chief Scientist at the Ministry of Economy and Industry, Chairman of the Israel Innovation Authority, and co–Chair of BIRD’s Board of Governors said: “Our long–standing collaboration with the BIRD Foundation has yielded some spectacular technological innovations. We are proud that the Foundation supports various technologies that will make a difference in the productivity and the standard of living for the people of both countries. In the post–COVID–19 world, these technologically groundbreaking projects will improve the health and quality of life for citizens of both countries as well as provide solutions that deal with the global climate crisis. We congratulate the awarded companies and look forward to the successful results of their innovative products.”

Dr. Eitan Yudilevich, Executive Director of the BIRD Foundation, said: “The selected projects reflect a diverse group of technology sectors, company size, and U.S. geographical locations. This is very rewarding as it results from our continuous outreach efforts and close interactions with companies interested in U.S.–Israel R&D partnerships. We congratulate the winners and wish them much success in their innovative joint projects.”

The deadline for submission of Executive Summaries for the next BIRD cycle is September 7, 2022. Approval of projects will take place in December 2022.

About the BIRD Foundation

The BIRD (Binational Industrial Research and Development) Foundation works to encourage and facilitate cooperation between U.S. and Israeli companies in a wide range of technology sectors and offers funding to selected projects. The Foundation supports projects without receiving any equity or intellectual property rights from the participating companies or the projects, themselves. BIRD funding is repaid as royalties from sales of products that were commercialized as a result of BIRD support. The Foundation provides funding of up to 50% of a project’s budget, beginning with R&D and ending with the initial stages of sales and marketing. The Foundation shares the risk and does not require repayment if the project fails to reach the sales stage. Learn more at https://www.birdf.com/

About On Demand Pharmaceuticals

On Demand Pharmaceuticals is an innovative technology company transforming how medicines are made so they can be produced on demand – whenever and wherever medicines are needed. With a breakthrough manufacturing technology platform, the Pharmacy on Demand (PoD), allows medicines to be made in small machines instead of a factory. Using a modular approach, the PoD can be quickly customized to produce key starting materials, active pharmaceutical ingredients (API), and final formulated drugs. Learn more at: https://ondemandpharma.com/

Link to press release: https://www.birdf.com/wp-content/uploads/2022/07/BIRD-BOG-June-2022.pdf

Maryland Women’s Business Center Shop Local incubator featured in Fox 5 DC’s Zip Trip in Rockville

The segment included interviews with a MWBC Shop Local vendor and a graduate of the program - Saints Valley

On July 8, 2022 regional news channel, Fox 5 DC, aired their popular series ‘Zip Trip’ live from Rockville. Zip Trip is part of Fox 5 DC’s weekly series that highlights the best spots to visit around the D.C. region.

The Maryland Women’s Business Center Shop Local was invited to participate in Zip Trip as one of Rockville’s local business highlights. The segment included an overview of the MWBC Shop Local program with the Training & Events Manager, Thomas Squire, interviews with a current Shop Local vendor, Sheila Rose of Great Glass Creations, and a program graduate Lilit Ghazaryan who owns Saints Valley in Rockville Town Square.

Check out the MWBC Shop Local’s segment below!

About MWBC Shop Local

Shop Local is a retail business incubator program of the Maryland Women’s Business Center, an SBA-certified business development center, under Rockville Economic Development Inc. The program began in Rockville in 2018 with the partnership and sponsorship of Federal Realty Investment Trust. Shop Local provides support to the program’s entrepreneurs by providing free mentorship, expertise, access to investors, and in some cases, working capital in the form of a loan or grant. Learn more about MWBC Shop Local at https://mwbcshoplocal.com/about-the-program/

Greater Washington life science cluster ranked second nationwide in CBRE report

The D.C. area earned its position near the top due to its large metropolitan area with more universities and industry players

Article originally published by Washington Business Journal on July 14, 2022

Greater Washington’s life sciences cluster just got the silver medal for talent, beating out other major hubs, including one of its biggest rivals, in a moment of critical growth for the local industry.

The D.C. metro ranks second only to the Boston-Cambridge region, notably edging out the San Francisco Bay Area, in a new report from commercial real estate services firm CBRE examining the state of the life sciences workforce across the country. It’s a key boost for this region, which has aimed for decades to become a premier destination for the rapidly growing life sciences sector, particularly during the pandemic, and its highly educated, highly paid jobs.

The ranking of the top 25 life sciences research talent clusters in the first quarter pegs the Bay Area at No. 3, New York-New Jersey at No. 4 and San Diego at No. 5.

The D.C. area earned its position near the top because it’s a larger metropolitan area with more universities and industry players, giving it an “abundant talent pool for life sciences companies,” the report said. That was also the case for markets such as Los Angeles (No. 7), Philadelphia (No. 8) and Chicago (No. 10). The bottom of the top 25 includes Portland, Oregon; Miami; Nashville, Tennessee; Albany, New York; and Pittsburgh.

The study also found that the life sciences ecosystems “more broadly thrive” in regions that house more people who hold doctorate degrees. To that end, Greater Washington has an advantage as the search for talent becomes tougher in life sciences, which in April claimed the second-lowest unemployment rate at 0.6%, according to CBRE’s report. At the same time, the D.C. region may also be seen by competing markets as a recruitment source, given its higher cost of living.

The region’s labor force counts more than 5.1 million people, of which 15.4% work in professional, scientific and technical services, and 12.2% hold roles in health care services, according to CBRE data.

The D.C. area’s life sciences community has seen substantial growth and attention through the pandemic as local companies jumped into the health crisis response. The pandemic generally boosted funding and support for manufacturing, research and development for vaccines, therapies and testing. And that directly benefited multiple resident companies working in and around Covid-19.

But the CBRE report also notes that people moving from major cities to some smaller pockets of the U.S. during the pandemic in 2020 “may have disproportionately, and temporarily, dampened the growth of such key markets,” including the Washington-Baltimore corridor.

Still, we’ve seen relentless activity from the region’s companies, particularly in Montgomery County’s talent-rich and saturated Interstate 270 corridor. Gaithersburg’s Novavax Inc. (NASDAQ: NVAX) led the pack as a vital player in the global effort to bring a Covid vaccine to market — and, after a long road, received emergency use authorization for the product Wednesday, making it the fourth to do so in the U.S.

The D.C. area has also attracted more biotech and life sciences firms to put down roots, with the National Institutes of Health and the Food and Drug Administration as obvious baked-in draws to the nation’s capital. The local contingent of companies continues to see approvals, funding, sales and public debuts. Lab space has also become a more reliable niche of the region’s otherwise uncertain real estate landscape.

Those dynamics are important, according to the report, which said the availability of venture or institutional capital “to fund growth is essential to a thriving life sciences ecosystem,” as is “the need for proper infrastructure for an ecosystem to grow, such as modern laboratory, incubator and manufacturing space.”

To narrow down the ranking, CBRE looked at the country’s 74 largest life sciences labor markets, considering occupational and educational data, as well as number and market density of relevant industry jobs, and concentration of doctorate degrees and professional, scientific and technical employment.

The analysis considered the jobs most relevant to the industry’s growth and people graduating with relevant degrees in those markets. And it weighed those scores against data from the normally dominant Boston, San Francisco and San Diego areas — which CBRE described as “premier life sciences hubs” that “likely reflect the most ideal elements for success as a life sciences cluster.”

Altus Realty to convert recently acquired Rockville office complex to life science labs

The 7.5 acre 'Research Square' property sold for $25.5 million to Arlington-based Altus Realty

Article originally published by Washington Business Journal on July 14, 2022

A pair of vacant low-rise office buildings in Rockville recently changed ownership and will be converted to life science labs, illustrating yet again the persistent demand for biotech space in Montgomery County.

The buildings at 1500 and 1550 Research Blvd sit on a 7.5-acre property, dubbed Research Square. Between one and three stories and totaling about 85,000 square feet, they’d formed part of a larger campus that’s home to Westat Inc., a research firm.

Westat affiliate Twelve Oaks Investment LLC sold the property to Arlington-based Altus Realty, a developer and investor, for $25.5 million, in a deal that closed Tuesday. The property was last assessed at $8.9 million.

Unloading the buildings allows Westat to shrink its footprint in light of its decreased need for office space, spurred by the pandemic, a spokesperson said in an email. It does not plan to sell off additional buildings from its larger campus.

Altus did not respond to respond to requests for comment.

While the deal doesn’t stand out for its size or sale price, it’s noteworthy in that it’s ready for immediate conversion to lab space, according to a statement from CBRE, which represented the seller in the transaction.

It comes on the heels of Boston-based Longfellow Real Estate Partners’ acquisition of a Rockville office building with the intent to convert it to lab space. That deal marked Longfellow’s entry into Greater Washington.

“Two themes remain consistent: the life sciences industry wants to grow here and we have no space available,” Tommy Cleaver, an executive vice president with CBRE (NYSE: CBRE), said in a statement, referring to the I-270 biotech corridor that runs roughly from Bethesda to Frederick. Cleaver is bullish on suburban Maryland’s life science potential, having said previously he expects the sector’s footprint to double in the region over the next decade — if not sooner.

In an interview Wednesday, Cleaver said 10 new investors — of which CBRE has represented seven — have entered the I-270 corridor life science real estate market in the last year. He also noted that Westat’s property sold for a record $284 per square foot, up from an earlier record of $268 per square foot last summer, when Boston Properties acquired Rockville’s Shady Grove Innovation District.

The high price represents “sustained confidence in the leasing fundamentals and the ability to realize rent growth,” he said.

Montgomery County is facing an immediate shortfall of at least two million square feet of private lab space, compared to demand forecasts, Ben Wu, who heads the Montgomery County Economic Development Corp., said at a February press event, citing a 2021 report from his organization. A handful of recently announced large projects would eventually cover that deficit, but they will take time to be completed. Those include Trammell Crow’s investment in a portion of Johns Hopkins’ Belward Campus in Rockville; Boston Properties’ Shady Grove Innovation District; and a pair of facilities called Evolution Labs in Gaithersburg and Bethesda.

Industry proponents rank Greater Washington and Baltimore among the top regions nationally for life science, on a variety of measures, with other major metros including Boston/Cambridge, North Carolina’s Research Triangle and California’s Bay Area and San Diego. The region’s popularity can be credited largely to its proximity to the Food and Drug Administration and National Institutes of Health, both headquartered in Montgomery County, as well as to the U.S. Army’s biomedical R&D activity at Fort Dietrich and Johns Hopkins University in Baltimore.

About Altus Realty

Altus is a full-service real estate development and investment company based in Washington, DC. From repositioning under-performing assets to developing ground-up projects, Altus focuses on creating mixes of residential, office, retail and hospitality experiences that inspire. Learn more at https://www.altusre.com/

MCEDC congratulates Novavax for FDA Emergency Use Authorization of its COVID-19 vaccine in the United States

The Novavax vaccine is the first protein-based COVID-19 vaccine authorized in the U.S.

ROCKVILLE, Md., July 14, 2022 – Gaithersburg-based Novavax has received emergency use authorization from the U.S. Food and Drug Administration (FDA) to distribute throughout the country its COVID-19 vaccine, which is the first protein-based COVID-19 vaccine available in the United States. Once a policy recommendation is received from the Centers for Disease Control and Prevention (CDC), immunizations with the Novavax vaccine can begin immediately for adults.

Additionally, the U.S. Department of Health and Human Services (HHS), in collaboration with the Department of Defense, announced earlier this week the purchase of an initial 3.2 million doses of the Novavax vaccine. The doses will be made available free to states, jurisdictions, federal pharmacy partners and federally qualified health centers.

The Novavax protein-based vaccine is already widely in use in over 35 countries, having received approval from multiple regulatory agencies worldwide, including the European Commission and emergency use listing from the World Health Organization. The Novavax vaccine is designed and manufactured differently than the mRNA COVID-19 vaccine options. It offers a new option for those who may have an allergic reaction to mRNA vaccines or who have a personal preference for receiving a vaccine other than an mRNA-based vaccine.

The latest Novavax news solidifies Montgomery County as the ‘Immunology Capital Next to the Nation’s Capital.’ Other global vaccine leaders with Montgomery County ties include BioNTech, which co-developed the Pfizer COVID-19 vaccine approved in 146 countries; and AstraZeneca, which has a COVID-19 vaccine that is approved in over 140 countries. These companies, along with dozens more in the county, have greatly contributed to global COVID-19 vaccine research, development and manufacturing, as well as testing and treatment options.
Scientific work developed here in Montgomery County has supported the entire vaccine continuum across the globe. Companies in Montgomery County have received more than $5.5 billion in federal funding to fight COVID-19 around the world.

See Novavax’ news release: https://ir.novavax.com/2022-07-13-U-S-FDA-Grants-Emergency-Use-Authorization-for-Novavax-COVID-19-Vaccine,-Adjuvanted-for-Individuals-Aged-18-and-Over

Longfellow Real Estate Partners Enters I-270 Corridor with Acquisition of Trophy Lab Conversion

The 191,000 SF office to life science conversion marks the first Maryland acquisition by one of the nation's leading life science investors

ROCKVILLE, Md., June 13, 2022 – Longfellow Real Estate Partners announced the acquisition of One Preserve Parkway in Rockville, Maryland. Located along the I-270 corridor (also known as DNA Alley), One Preserve will offer today’s most innovative life science tenants the almost immediate availability of 191,000 square feet of state-of-the-art lab space. The building features a market leading on-site amenity package, ample parking, as well as flexible and efficient floorplates of roughly 30,000 square feet.

The acquisition marks the first asset in the Maryland/Washington D.C. market for Longfellow Real Estate Partners, the largest privately owned commercial developer of life science buildings in the country. Longfellow maintains offices/developments in Boston-Cambridge, New York City, San Diego, San Francisco Bay Area, the Research Triangle of North Carolina, and London, UK with a portfolio that spans nearly 15 million square feet.

“One Preserve is a high-quality asset that occupies a prime location within DNA Alley. Perhaps more importantly, this investment allows Longfellow to provide research space for the immensely talented companies and individuals that make up this innovative community,” said Longfellow Managing Director, Northeast Ben Sayles. “Longfellow is firmly dedicated to partnering with our tenants, providing world-class space for this community’s growing life science ecosystem.”

“DNA Alley has been a hotbed of research, talent, and renowned companies – we are thrilled to expand the Longfellow model into this region.” said Longfellow Co-Founder & CEO Adam Sichol. “Throughout the country, our firm has been able to meet the needs of our partners by working hand in hand with them to succeed together.”

Longfellow will be making substantial upgrades to building’s electrical and HVAC systems to create highly functional, institutional-quality lab space. Future tenants at One Preserve will benefit from the easily accessible location with immediate connectivity to I-270, along with the amenity rich location that boasts many restaurants, bars, cafes, and high-end retail options within a short driving distance. Longfellow will also integrate the firm’s proprietary tenant experience platform ElevateTM, which incorporates the facilities and custom programming that encourages connection and collaboration throughout the campus.

“The Longfellow team has an exceptional reputation for targeting best-in-class assets for life science redevelopment”, said Shaun Weinberg, Managing Director of Cushman & Wakefield, which arranged the sale to Longfellow. “One Preserve represents the only existing, scalable trophy building ready for a Life Science repositioning in the I-270 Corridor. Upon completion, One Preserve will fill a void in the market and will undoubtedly mark he highest quality conversion in the market”

Longfellow’s acquisition of One Preserve builds on the firm’s rapidly expanding national portfolio in the world’s leading and emerging destinations for life science innovation. Over the past year, the firm increased its footprint in the San Francisco Bay Area by over 1 million square feet with acquisitions in Millbrae, Emeryville, and San Francisco; invested in building out one of the nation’s most dynamic life science clusters in San Diego with acquisitions in the Sorrento Mesa and Sorrento Valley submarkets; closed on assets and partnerships that will help address strong demand in the Research Triangle market in North Carolina; and expanded to the United Kingdom to bring its vision for world-class innovation ecosystems to the Golden Triangle.

About Longfellow Real Estate Partners

Longfellow Real Estate Partners is the largest private life science real estate services firm in the United States. The firm’s portfolio spans nearly 15 million square feet of laboratory and technology space, concentrated in the nation’s top markets for bio-innovation on both coasts including Boston-Cambridge, Maryland-Washington D.C., New York City, Philadelphia, San Diego, San Francisco Bay Area, the Research Triangle of North Carolina, along with the firm’s expansion to the United Kingdom. Learn more at: https://lfrep.com

Link to press release: https://biobuzz.io/longfellow-real-estate-partners-enters-i-270-corridor-with-acquisition-of-trophy-lab-conversion/

Maryland showcases its life science assets at BIO International in San Diego

The delegation of Maryland companies and organizations lead by the Maryland Department of Commerce will exhibit at the 2022 BIO International Convention

Article original published by Maryland Department of Commerce on June 9, 2022

A delegation of Maryland companies and organizations is heading to San Diego June 13-16 for the BIO International Convention. At BIO, the life sciences industry’s leading trade show, Maryland will showcase the unparalleled life science assets within the state.

The Maryland Department of Commerce, in collaboration with the Maryland Tech Council, will exhibit at Booth #5013. The Maryland Department of Commerce, Maryland Tech Council and various sponsors are supporting a delegation of 15 Maryland life sciences companies’ attendance at the show. Companies in the Maryland delegation receive premium access to BIO, including its exhibit hall, educational program, and one-on-one partnering to meet with potential partners and investors. Companies in the Maryland delegation include:

Akan Biosciences – Innovators in cellular technology and proprietary manufacturing methods that produce stem cell-based therapeutics.
Angimmune – Developer of immunotoxin technology offering T-cells targeting for cancer, autoimmune disease, and induction immunotherapy.
Auxergen – Manufacturer of agricultural chemicals and biopesticides that aim to reduce the chemical loading of the environment while improving crop yields.
Creatv Microtech – Creator of a revolutionary blood biomarker and innovative platform that provides a highly personalized cancer screen test, and a variety of diagnostics for cancer patients.
Elixirgen Scientific – Developers of technology that accelerates and removes the complexity from the induced pluripotent stem cells (iPSCs) differentiation process, bringing the full promise of iPSCs or embryonic stem cells (ESCs) to life.
Fzata – Creators of oral biologics for gastrointestinal disorders, the company’s live yeast “factory” makes recombinant biologics in the gut after oral administration.
GlycoMantra – Pre-clinical therapeutic company developing high affinity biologic therapeutics for the treatment of solid tumor, fibrosis, and diabetes.
Hawkeye MedTech – Telehealth platform provider with telemedicine, continuing of care, remote patient monitoring, connected devices, covid tracking, and MIPS.
KaloCyte – Creator of ErythroMer, bioinspired artificial red blood cells, that can be stored long-term and used for severe bleeding when donor blood is not available.
Kolon TissueGene – Advanced cell therapies company that has developed a first-in-class cell and gene therapy targeting osteoarthritis of the knee.
miRecule – Developer of RNA therapies for cancer and muscular dystrophy, which uses genomic patient data to create highly-tailored therapeutics.
NeoImmuneTech – Clinical-stage biopharmaceutical company dedicated to expanding the frontiers of Immuno-Oncology.
Neurosonics Medical – Creators of a miniaturized therapeutic ultrasound device for the surgical treatment of drug-resistant epilepsy.
Otomagnetics – University of Maryland College Park spin-out developing a non-invasive method to effectively deliver drugs and other therapeutic payloads to the inner and middle ear, eye, and brain.
Theradaptive – Developer of a therapeutic delivery platform for targeted tissue regeneration.

More than 50 companies and organizations with Maryland roots will have a presence at BIO. Throughout the conference, Maryland representatives will be meeting national and international companies to pitch how a Maryland location can help them grow. The Maryland team is also coordinating events with international partners, including a networking event with partners from Quebec.

In addition, Maryland is hosting a networking reception on June 14, providing another opportunity for interaction with Maryland companies and organizations. The networking reception and the participation of 15 Maryland companies in the show is made possible because of the generosity of various sponsor companies and organizations including Rockville Economic Development, Inc.

MCEDC and LEDC selected as new fund manager to provide loans to Small, Minority and Women-Owned businesses

The collaboratively managed fund will be called the Accelerating Community Excellence (ACE) loan fund

ROCKVILLE, Md., June 8, 2022 – The Montgomery County Economic Development Corporation (MCEDC) was named today as the ninth and newest fund manager in the Maryland Small, Minority and Women-Owned Business Program (https://commerce.maryland.gov/fund/programs-for-businesses/vlt), also known as the Video Lottery Terminal (VLT) Program. There are currently eight VLT fund managers around Maryland that receive state funds to provide loans for small, minority and women-owned companies.   

The appointment and approval of the MCEDC fund manager application was made by the State of Maryland Board of Public Works at its June 8 meeting. The three members of the Board of Public Works are the Governor, the Comptroller, and the Treasurer.  
 
The MCEDC-managed VLT program will be called the Accelerating Community Excellence (ACE) Loan Fund. MCEDC will manage its ACE program on behalf of the State of Maryland and has partnered with the Latino Economic Development Center (LEDC) to be the program’s fiduciary agent. The MCEDC ACE program is designed to assist eligible small businesses, especially in underserved communities. The ACE program will receive an initial allocation of $1.5 million in state funds to be disbursed as loans to small, minority and women-owned businesses in Montgomery County and throughout Maryland. 
 
“We are excited to be a fund manager partner in this important Maryland program and bring additional state funding to support our growing Montgomery County small, minority and women-owned businesses,” said Benjamin H. Wu, MCEDC President & CEO. “With the largest number of Maryland small businesses located in Montgomery County, our new ACE program expands our ability to help meet the critical need for access to capital. I’m particularly excited that our LEDC collaboration will extend our MCEDC reach and impact in local underserved communities.” 
 
MCEDC chose LEDC as a partner since the center has an established and strong track record of services to the Latino and underserved communities in the Greater Washington-Baltimore region, with offices in Wheaton and Baltimore. “When small businesses have the resources to meet their full potential, they become a powerful force for positive change, especially within their communities,” said Emi Reyes, LEDC CEO. “We are thrilled to be working with MCEDC to provide our expertise in loan underwriting and servicing to increase accessible financing to women-owned and minority-owned small businesses.” 
  
The Maryland VLT Loan Program was created to assist minority and women owned small businesses with a percentage of the proceeds from video lottery terminals (slots) from the state’s six casinos. Under the current statute, at least 50% of the VLT program funds must be deployed to eligible small businesses located within a certain targeted radius surrounding the state’s six casinos. Since there are no Montgomery County casinos in Maryland, the MCEDC-managed ACE program will earmark 50% of its funding exclusively to eligible Montgomery County small businesses and will work with LEDC and the other fund managers to distribute the remainder to eligible small businesses in the targeted areas near a casino in the state. 
 
The Maryland VLT Program is administered by the Department of Commerce. The Commerce announcement of MCEDC as the newest fund manager can be found at https://commerce.maryland.gov/media/maryland-names-new-fund-manager-for-small-business-loan-program

About Montgomery County Economic Development Corporation (MCEDC)

MCEDC is the official public-private economic development organization representing Montgomery County, Maryland. Created in 2016, MCEDC is led by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate in Montgomery County by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit https://thinkmoco.com/

Link to press release: https://thinkmoco.com/blog/ledc-vlt

New Tourism Website ‘Explore Rockville’ launches at 2022 Hometown Holidays

The website includes an events calendar, suggested itineraries and a searchable directory of restaurants, things to do, recreation facilities and more

Rockville’s Mayor and Council welcomed patrons of Hometown Holidays on Saturday May 28, followed by a special announcement from Rockville Economic Development, Inc. (REDI). REDI in collaboration with Visit Montgomery and the City of Rockville announced the launched of the city’s tourism website – ExploreRockville.org

The new website seeks to:

Promote and support Rockville’s tourism, hospitality, and retail industries
Establish Rockville as a regional destination for arts, culture, and international cuisine
Support the attraction and retention of businesses, workforce and residents

The website includes an events calendar, suggested itineraries and a searchable directory of restaurants, things to do, parks and recreation facilities. Explore Rockville also highlights the city’s unique commercial neighborhoods such as Rockville Town Center, King Farm, and Rock East District, all of which have their own history and vibe.

“We’re thrilled to collaborate with Visit Montgomery and the City on such an important project. Explore Rockville showcases the diversity and vibrancy of our city and people, and invites residents and visitors alike to (re)discover Rockville,” said Susan Prince, REDI Board Chair.

Explore Rockville was also an exhibitor at Hometown Holidays, promoting the new website through public engagement and the distribution of branded giveaways and t-shirts.

Check out the Explore Rockville launch at Hometown Holidays:

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Senate Committee on Small Business & Entrepreneurship Chair Lauds Creation of Fourth Women’s Business Center in Maryland

The new Women's Business Center is an expansion of a satellite program operated by Rockville Economic Development, Inc.

Washington, D.C., May 25, 2022 – U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) today lauded the U.S. Small Business Administration’s (SBA’s) announcement that it has awarded a grant to Rockville Economic Development, Inc. (REDI) to operate a new Women’s Business Center (WBC) at Bowie State University (BSU), the oldest Historically Black College and University (HBCU) in Maryland. The new center is the fourth WBC in Maryland, joining a WBC in Rockville that is also operated by REDI, as well as a WBC in Baltimore operated by Morgan State University and a WBC in Salisbury operated by Maryland Capital Enterprises.

The new WBC is an expansion of a satellite program that REDI has been operating at BSU, and it will focus on supporting student entrepreneurs, increasing federal contracting opportunities, and expanding pathways to the Small Business Innovation Research and Small Business Technology Transfer Programs. BSU also hosts the Bowie Business Innovation Center (Bowie BIC)—a first-of-its-kind, award-winning business accelerator that helps federal contractors enrolled in the SBA’s 8(a) Business Development program secure federal contracts.

“I applaud Bowie State University and President Breaux for supporting entrepreneurs and innovators in Prince George’s County and Southern Maryland,” Cardin said. “I am especially proud that the WBC will focus on empowering BSU students, federal contractors, and innovators, which will pay dividends to our community for years to come. BSU continues to demonstrate that by partnering with HBCUs, the SBA can better deliver services and capital to entrepreneurs in underserved and underbanked communities.”

“REDI is thrilled to expand its impactful relationship with BSU and the Bowie Business Innovation Center. The Maryland Women’s Business Center has been helping women entrepreneurs launch, grow, and sustain businesses that create jobs and strengthen economic development for over 10 years,” said Susan Prince, REDI Board Chair. “We are honored to support more students and business owners through this grant and partnership.”

“We are very pleased to have an integral role in providing more opportunities for entrepreneurs in Maryland,” said Dr. Aminta Breaux, President of Bowie State University. “The Bowie Women’s Business Center at BSU will be operated by the Bowie BIC, the only business incubator on an HBCU campus in Maryland, expanding support and guidance to our student entrepreneurs. We thank Senator Cardin for his ongoing efforts to bring additional resources in support of aspiring entrepreneurs here at Bowie State University and throughout the region.”

The WBC at BSU is the most recent addition in a broad expansion of Maryland’s entrepreneurial development and innovation resources spearheaded by Cardin. In May 2020, Cardin secured funding for the WBCs in Baltimore and Salisbury. Cardin also championed the opening of Maryland’s first Veterans Business Outreach Center at the University of Maryland last November.

On May 9, Cardin and Senator Chris Van Hollen (D-Md.) announced $4 million in congressionally directed spending to support innovation programs at BSU. The senators secured $3 million for the Bowie BIC and $1 million for the university to develop a new laboratory for hydroponics research.

The Bowie BIC served as the model for Cardin’s UPLIFT Act, which would create an Innovation Centers Program within the SBA to award competitive cooperative agreements worth as much as $400,000 annually to HBCUs, minority serving institutions (MSIs), and community colleges to establish and expand incubators and accelerators.

About REDI

Rockville Economic Development, Inc. (REDI) is a public-private partnership that helps businesses launch, locate, expand in the City of Rockville, Maryland. Committed to economic development, REDI is proactive in its efforts to support existing industry and attract new businesses with the tools to get started in Rockville, and resources and guidance to exiting businesses in the city. To learn more, visit: https://rockvilleredi.org/

About MWBC

Maryland Women’s Business Center helps start and build successful women-owned enterprises that are positioned for long-term growth. the MWBC conducts training seminars and offers one-to-one counseling on subjects including starting a business, writing a business plan, legal assistance, and more. As an official resource partner of the SBA, MWBC trainings and workshops are funded in part through a Cooperative Agreement with the U.S. Small Business Administration. Services are open to men and women from anywhere. To learn more, visit: https://marylandwbc.org/

Link to press release: https://www.sbc.senate.gov/public/index.cfm/2022/5/cardin-lauds-creation-of-fourth-women-s-business-center-in-maryland

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