One of Maryland’s premiere medical networks just announced an eight-figure investment into the economic development of local and marginalized communities by way of notable funding entities.
The University of Maryland Medical System (UMMS) said in a Thursday statement that it will commit $14 million to 11 community development financial institutions and privity equity firms throughout the state. The investment is intended to address racial, economic and environmental disparities in the communities the system serves.
In essence, it’s trickle-down economic investment in historically divested-from communities across Maryland. Investments ranging from $500,000 to $2.5 million will go to Baltimore Community Lending, Conscious Venture Fund, Enterprise Community Development, FSC First, Ignite Capital, Momentus Capital’s Impact Investments Program, Obran Acquisitions, Propel Baltimore, RBC Access Capital, The Reinvestment Fund and UpSurge. These institutions and firms will in turn invest these fixed income- and equity-based allocations in local and minority-owned businesses.
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