Maryland Community Investment Venture Fund

At the request of the Moore-Miller Administration, the Maryland General Assembly enacted the Access to Banking Act (“Act”) in 2023. The Act, codified at Financial Institutions Article § 2-118.1 Annotated Code of Maryland, created the Maryland Community Investment Venture Fund (“MCIV Fund”). The MCIV Fund seeks to support pathways for Maryland state-chartered banks and credit unions (collectively, “Financial Institutions”) to better serve the Financial Services needs of businesses located in Maryland’s low- to moderate-income communities (collectively, “LMI Businesses”) through the use of new and innovative technologies and processes.

LMI Businesses have historically faced challenges attempting to access Financial Services through policies, procedures, and protocols standard in the financial services industry. The MCIV Fund seeks to encourage formal collaborations between Financial Institutions and financial technology innovation companies (collectively, “Fintechs”) to develop and implement technologies and processes to address these challenges and better serve the Financial Services needs of LMI Businesses. LMI Businesses possess the ability to make significant positive contributions to their communities and further the Moore-Miller Administration’s goal of leaving no Marylander behind.

The MCIV Fund previously announced on the MCIV Fund Webpage a willingness to consider applications for grants to support collaborations between Fintechs and Financial Institutions to pilot products and services to better serve the Financial Services needs of LMI Businesses. In connection therewith, the MCIV Fund issues this Solicitation for grant proposals.