Council presses to accelerate Founders Fund awards; staff cite administrative funding limits

Denis Hetman of the Department of Finance told the Economic Development Committee that the Founders Fund has awarded $800,000 to eight minority‑owned companies and that roughly $2.2 million remains available to support future rounds. Hetman said awardees reported early revenue and that the program involves extensive evaluation, coaching and grant administration.

Council President Natalie Fanny Gonzales pressed staff to start a next cohort sooner, saying the county should move quickly to get funding to businesses that need it. “I think this is the time when we should be least refocused and get the money out to help people,” she said.

Ken Hartman Espada, assistant chief administrative officer, and other staff explained the constraint: the appropriation was designated for grants and did not include funding for administration, marketing and application review. Hartman Espada said staff can explore using existing funds for administrative tasks or amending the budget, but running another rapid cohort would require staff time and third‑party support used in the first round.

Why it matters: Committee members applauded the grantees’ early results and asked for detailed applicant and outreach data to understand whether award demographics reflect the applicant pool. Staff said there were 44 applications and that outreach included the Black Collective and the Maryland Black Chamber; they pledged to provide demographic and outreach details and to consider ways to lower barriers (certification and equity‑index restrictions) in future rounds.

Next steps: Staff agreed to follow up with the council on whether existing funds could be used to cover necessary administration, to provide applicant demographic data, and to return with options for accelerating the next round.