TEDCO: Rural and Underserved Business Recovery from Impact of COVID-19 Program – US
Deadline: Ongoing
TEDCO is pleased to announce applications for Rural and Underserved Business Recovery from Impact of COVID-19 Program to assist Maryland’s technology companies that have been detrimentally impacted by the COVID-19 pandemic and associated economic downturn. RUBRIC targets companies that are considered socially or Economically Disadvantaged OR those in the rural areas of Maryland – companies that were hardest hit by the COVID-19 crisis.
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The Rural and Underserved Business Recovery from Impact of COVID-19 (RUBRIC) program is an economic relief initiative to benefit socially and economically disadvantaged and rural early-stage technology-based businesses hit hardest by the COVID-19 pandemic. This program is supported by $5M recently allocated from the Governor.
The funds administered by TEDCO will be provided to early-stage companies that are impacted by the current crisis and are in need of bridge funding to survive and prosper as the downturn and COVID-19 crisis subsides. The funds will focus on companies that have the highest barriers to traditional financing but are still expected to scale to the next phase of fundraising. RUBRIC awards are intended to provide funding to help attract/retain jobs, attract/retain customers, and to help sustain companies having difficulties raising capital associated with the COVID-19 pandemic. RUBRIC awards should be thought of as bridging companies across an economic gap created by COVID-19 and leading to a next round of financing or a greater level of sustainability.
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Funding Information
TEDCO will make awards of up to $100,000 through the RUBRIC program to help bridge companies across the economic downturn associated with the COVID-19 pandemic.
The funds must be used to address specific challenges faced by the company associated with the COVID19 pandemic and associated economic downturn.
Companies receiving a RUBRIC award may apply for a second award through the program after demonstrating successful deployment of its initial award.
Companies will be required to wait a minimum of six (6) months following their initial award date before reapplying. All RUBRIC program funding shall be subject to the availability of funds.
Eligibility Criteria
A company is eligible for a RUBRIC award if it meets all the following criteria:
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The company must be a Maryland Qualified Business, which is a company in good standing that has its principle business operations located in Maryland with at least than half of its Workforce (includes W-2 employees and founders – regardless of full-time or part-time status, and excludes 1099 contractors) working in the State, and the intention to maintain its operations in Maryland;
It must be a technology-based company, meaning that it relies on technology to provide a proprietary competitive advantage in the market. This specifically excludes, without limitation, companies engaged in retail sales, real estate development, insurance, banking, lending, or the provision of professional services by accountants, attorneys, or physicians;
The company must be one that is experiencing a social or economic disadvantage as such terms are interpreted OR it must be headquartered in a Rural Area of the State of Maryland as defined in State Finance and Procurement Article, Annotated Code of Maryland (this includes all counties in Maryland except for Baltimore County, Baltimore City, Howard County, Anne Arundel County, Prince Georges County, and Montgomery County), or be located in northern Baltimore County;
It must have fewer than 100 members of its Workforce; and
The company must be able to demonstrate a detrimental impact on its ability to retain/acquire Workforce, retain/acquire customers, or secure investment capital, with the foregoing attributed to the COVID-19 pandemic or the associated economic downturn.
For more information, visit https://www.tedcomd.com/funding/rural-and-underserved-business-recovery-impact-covid-19-rubric