2025 MCIV Fund Solicitation - OFR.pdf

MARYLAND DEPARTMENT OF LABOR

OFFICE OF FINANCIAL REGULATION

Public Notice for 2025 Grant Proposals

Issue Date: Oct 28, 2025

Maryland Community Investment Venture Fund

NOTICE

Prospective Applicants who have received this document from the Maryland Office of Financial Regulation Website or that have received this document from a source other than the Maryland Office of Financial Regulation Website and that wish to assure receipt of any changes or additional materials related to this Solicitation for Grant Proposals should go to Maryland Community Investment Venture (MCIV) Fund - Office of the Commissioner of Financial Regulation.

Minority Business Enterprises Are Encouraged to Respond to this Solicitation.

https://www.labor.maryland.gov/finance/mciv/ https://www.labor.maryland.gov/finance/mciv/

INTRODUCTION

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.

STATE OF MARYLAND

Maryland Department of Labor

KEY INFORMATION SUMMARY SHEET

Solicitation for Grant Proposals Maryland Community Investment Venture Fund Solicitation Issue Date October 28, 2025 Solicitation Issuing Office MD Dept. of Labor, Office of Financial Regulation OFR Grant Officer Stephen J. Clampett

Office of Financial Regulation 100 S. Charles Street Tower 1, Suite 5300 Baltimore, Maryland 21201 stephen.clampett1@maryland.gov

Applications are to be sent to Via email to mciv.fund@maryland.gov or to the email above.

Submission of Questions All questions pertaining to this Public Notice should be submitted via email to stephen.clampett1@maryland.gov by November 21, 2025. All questions will be answered in a timely manner, and relevant questions will be posted to the MCIV Fund Webpage at https://labor.maryland.gov/finance/mciv ____

Closing Date and Time 11:59 p.m. on December 1, 2025 Grant Duration Up to 2 years.

mailto:stephen.clampett1@maryland.gov mailto:mciv.fund@maryland.gov mailto:stephen.clampett1@maryland.gov https://labor.maryland.gov/finance/mciv

Table of Contents

SECTION 1 – GENERAL INFORMATION………………………………………………………………...6

1.1 Introduction……………………………………………………………………………….6

1.2 Abbreviations and Definitions……………………………………………………………6

1.3 Number and Amount of Grant Awards…………………………………………………...6

1.4 Grant Period………………………………………………………………………………7

1.5 OFR Grant Officer……………………………………………………………………………... 7

1.6 Applications Due (Closing) Date and Time………………………………………………7

1.7 Grant Award Basis………………………………………………………………………..7

1.8 Funding Authority………………………………………………………………………...7

SECTION 2 – ELIGIBILITY…………………………………………………………………………………...8

2.1 Purpose and Goals of the MCIV Fund…………………………………………………...8

2.2 Use of 2025 Grant Proceeds…….………………………………………………………..8

2.3 Eligible Applicants………………………………………………………………………9

2.4 Eligible and Ineligible Expenses ………………………………………………………..9

2.5 Grant Rounds…………………………….……………………………………………...9

2.6 Grant Timeline…………………………………………………………………………..10

SECTION 3 – SCOPE OF WORK…………………………………………………………………………...10

3.1 2025 Grant Requirements………….……………………………………………………10

3.2 Additional Requirements of Applicants…………….…………………………………...10

3.3 Grant Administration and Reporting…………………………………………………….11

SECTION 4 – APPLICANT FORMAT ………………………………………………………………………11

4.1 Applicant Requirements……………………………………….…………………….…..11

4.2 Application Submission Process ………………………………………………………..12

SECTION 5 – GRANT EVALUATION AND SELECTION……………………………………………12

5.1 Grant Evaluation…………………………………………………………………………12

To view and download any required appendices, please visit the MCIV Fund Webpage

Solicitation for Grant Proposals

SECTION 1 - GENERAL INFORMATION

1.1.1 The Maryland Office of Financial Regulation (“OFR”), within the Maryland Department of Labor (“MD Labor”), is issuing this Solicitation for Grant Proposals from Financial Institutions and Fintechs willing to collaborate on developing and/or implementing innovative products and services to better serve the Financial Services needs of LMI Businesses.

1.1.2 This Solicitation for Grant Proposals targets all Financial Institutions and Fintechs.

In addition to terms and abbreviations defined in the Introduction, the following abbreviations or terms have the meanings indicated below when used in this Solicitation:

1.2.1 2025 Grant – A grant made by the MCIV Fund in response to this Solicitation.

1.2.2 Advisory Board – A board appointed by the Commissioner to provide advice and recommendations to the MCIV Fund.

1.2.3 Agreement – A contract or other written agreement between a Fintech and a Financial

Institution pursuant to which the parties agree to collaborate on developing, improving, expanding, and/or implementing innovative technologies and processes to enable the Financial Institution, acting either alone or in conjunction with others, to better offer Financial Services to LMI businesses.

1.2.4 Allowable Expenses – Expenses for which the Grantees may seek disbursement of funds under a 2025 Grant. Allowable expenses consist of:

● Technology and Infrastructure Enhancements;

● Personnel Costs Dedicated to the Purpose of the Project;

● Product Adaptation and Enhancement;

● Targeted Marketing and Community Outreach;

● Training and Knowledge Transfer;

● Regulatory and Compliance Implementation;

● Pilot and Rollout Execution;

● Collaboration and Contract Costs;

● One-time Implementation Fees; and

● Other Expenses as approved in the Project Budget.

1.2.5 Applicants – A Fintech and a Financial Institution that have entered into an Agreement and applied for a 2025 Grant.

1.2.6 Application – The form Applicants should use to apply for a 2025 Grant. The Application is provided on the MCIV Fund Webpage and may be found here:

https://labor.maryland.gov/finance/mciv/.

1.2.7 Certificate of Good Standing (also known as a “Certificate of Status” or “COGS”) – An official document from the Maryland State Department of Assessments and Taxation (“SDAT”) that indicates the status of the entity as of the date on the certificate. If an entity is https://labor.maryland.gov/finance/mciv/ in good standing, it means the entity is properly registered with SDAT, all documents and fees required to be submitted to SDAT have been received, and that no other State agency has notified SDAT that the entity is delinquent in tax payments.

1.2.8 Commissioner – The Maryland Commissioner of Financial Regulation.

1.2.9 Financial Services – Any credit, depository, cash management, payment or other products and services generally offered by banks and credit unions to businesses.

1.2.10 Grant Recipient – The party to the Agreement that will receive the grant funds.

1.2.11 Grant Recipient Agent – Individual within the Grant Recipient organization who is responsible for receiving the grant funds and ensuring their proper use, management, documenting grant expenditures, and submitting financial reports for the grant.

1.2.12 Grantees – Applicants awarded a 2025 Grant.

1.2.13 Grant Agreement – The written agreement entered into between the Commissioner and the Grantees containing the terms and conditions of the 2025 Grant.

1.2.14 Grant Period – The Grant Period described in Section 1.4 of this Solicitation.

1.2.15 LMI Business – A business located in an LMI Community.

1.2.16 LMI Community – A community that lies within a “Low- to-Moderate Income Tract” as such term is defined in FI § 5-203.

1.2.17 MCIV Fund Webpage – The webpage maintained on behalf of the MCIV

Fund on the website maintained by the OFR and containing additional information regarding the MCIV Fund. The MCIV Fund Webpage may be found here https://labor.maryland.gov/finance/mciv/.

1.2.18 OFR Grant Officer – The OFR employee who will manage the resulting 2025 Grant awards. The OFR may change the OFR Grant Officer at any time by written notice to the Grantees.

1.2.19 Project – The innovative technologies and processes the Fintech and the Financial Institution seek to develop, improve, expand, and/or implement pursuant to the Agreement.

1.2.20 Project Budget – The proposed budget for the Project. The Project Budget should include a list of all anticipated Allowable Expenses.

1.2.21 Solicitation – This Solicitation is for 2025 Grant Proposals.

1.3.1 Subject to the availability of funds, there is no predetermined limit on the number of 2025 Grants that will be funded.

1.3.2 The Commissioner’s determination of the number of 2025 Grant awards and the amount awarded on each 2025 Grant will depend on several factors including, but not limited to:

● the number and strength of proposals received,

● the amount of funding deemed reasonable for individual proposals, and

● the funds available at the time of award.

1.3.3 Grant requests should not exceed $50,000 over the Grant Period.

The Grant Period runs for one year from January 1, 2026 through December 31, 2026. Applicants can request a longer Grant Period of up to two years from January 1, 2026, through December 31, 2027 and may write a Project Budget that reflects a time period up to two years.

The sole point of contact in the OFR for purposes of this Solicitation for management of all 2025 Grants awarded is the OFR Grant Officer at the address listed below:

Stephen J. Clampett Office of Financial Regulation Maryland Department of Labor 100 S. Charles Street, Tower 1, Suite 5300 Baltimore, MD 21201 stephen.clampett1@maryland.gov 443-915-2383

The OFR may change the OFR Grant Officer at any time by notice posted on the MCIV Fund Webpage.

Applications for a 2025 Grant shall be made in accordance with Section 4 of this Solicitation and must be received at the address listed on the Key Information Summary Sheet, no later than 11:59 p.m. EST on Monday, December 1, 2025, to be considered for a 2025 Grant. Applications received after this date and time will not be considered. Incomplete Applications will similarly not be considered. The MCIV Fund currently envisions additional rounds of grant funding. Parties making late or incomplete Applications under this Solicitation may have opportunities to resubmit an Application at a future date.

Final approval for each 2025 Grant awarded shall be determined by the Commissioner, based on the recommendations of the Advisory Board, and taking into account other factors, such as geographic distribution, potential for success, past record of success, level of current development, and focus of Project.

(See Section 5, “Grant Evaluation and Selection”)

Funds for this initiative have been allocated and are being administered pursuant to Md. Code Ann., Financial Institutions Article § 2-118.1.

mailto:stephen.clampett@maryland.gov

SECTION 2 – ELIGIBILITY

2.1.1 The purpose of the MCIV Fund is to encourage industry-led collaborations between Fintechs and Financial Institutions to better serve the Financial Services needs of LMI Businesses through innovative technologies and processes. Strong LMI Businesses benefit LMI Communities by creating economic opportunities and growth within the LMI Community.

The MCIV Fund will issue 2025 Grants to encourage Financial Institutions to enter into Agreements with Fintechs to use innovation and technology to remove barriers traditionally faced by LMI Businesses seeking Financial Services. Ensuring that LMI Businesses have better access to Financial Services allows those businesses to better compete, expand, offer employment opportunities to members of the LMI Community, and create economic opportunities within the LMI Community.

2.1.2 This Solicitation recognizes a wide range of Projects, each having its own unique aspects and structures, that could potentially advance the goals of the MCIV Fund. To encourage creativity and innovation, the MCIV Fund has not created a rigid template that Projects must follow. Rather, Projects could include, but are not limited to:

● Projects in which the Financial Institution uses innovative technology and processes developed by the Fintech to enable the Financial Institution to better offer Financial Services to LMI Businesses;

● Projects in which the Financial Institution collaborates with the Fintech or others to better offer Financial Services to LMI Businesses;

● Projects in which the Financial Institution refers LMI Businesses to the Fintech to either receive Financial Services from the Fintech or in which the Fintech assists the LMI Business in obtaining Financial Services; and

● Projects not exclusively related to making Financial Services available to LMI Businesses but which have the ability to better enable the Financial Institution to offer Financial Services to LMI Businesses; and which the Financial Institution intends to also use for this purpose.

The MCIV Fund will consider any Application submitted in compliance with this Solicitation that demonstrates the ability of the Project to assist the Financial Institution in better serving the needs of the LMI Business either directly or through collaboration with other Financial Services providers.

2.1.3 This Solicitation requires a Financial Institution and a Fintech to enter into an Agreement with respect to a Project. The purpose of the Agreement and Project must seek to create better access for LMI Businesses to Financial Services.

2.2.1 Proceeds of 2025 Grants will be disbursed for Allowable Expenses incurred in connection with the Project and listed in the Project Budget.

2.2.2 The Project Budget should include a breakdown of projected Allowable Expenses.

2.3.1 The Financial Institution must be a Maryland state-chartered bank or credit union.

2.3.2 Both Applicants must submit evidence to the Commissioner, as deemed necessary, to demonstrate that the

Applicants possess the financial strength and technological ability to complete the Project.

2.3.3 If the Grant Recipient is not registered to do business in Maryland, the Grant Recipient must register with the Maryland State Department of Assessments and Taxation and obtain any necessary licenses before any 2025 Grant funds are disbursed to either Applicant.

2.3.4 A Fintech or a Financial Institution may apply for more than one 2025 Grant, either jointly or separately with a different collaborator, if each Application relates to an Agreement and Project that is independent of, and separate and distinct from, any other Agreement and Project for which that Applicant seeks a 2025 Grant. An Applicant receiving a 2025 Grant will not be deemed ineligible for future rounds of MCIV Fund Grants.

2.4.1 All disbursement requests for 2025 Grant fund must be for Allowable Expenses identified in the Project Budget and incurred or due as of the date of the disbursement request. To the extent funds remain undisbursed in the 2025 Grant awarded to the Grantees, the Grantees may request disbursement for Allowable Expenses not listed in the Project Budget if the Grantees can establish to the Commissioner’s satisfaction that those additional expenses relate to the Project, have been incurred, and are reasonable and justified. Under no circumstances will the funds disbursed to the Grantees exceed the amount of the 2025 Grant awarded to such Grantees.

2.4.2 The following are costs that do not constitute Allowable Expenses and cannot be covered by 2025 Grant funds:

● Costs that are not associated with the Project,

● Costs combined with any other project or purpose, or

● Costs that are not in alignment with the purpose of the MCIV Fund.

2.5.1 This is the first formal Solicitation for grant proposals under the MCIV Fund.

2.5.2 The Commissioner anticipates offering additional solicitations for MCIV Fund Grants. Any Fintech or Financial Institution interested in pursuing future solicitations for MCIV Fund Grants is encouraged to submit a Statement of Interest (found here) on the MCIV Fund Webpage.

https://docs.google.com/forms/d/e/1FAIpQLSd_3eGkSo1_pKZqkAcVzKf55ceY2Ax-Kb5blcAgCsXmtL80Rg/viewform

Grant Solicitation released October 28, 2025

Deadline for Submission of Proposals in Response to this Solicitation

December 1, 2025

Review of Proposals December 2025

Award of 2025 Grants December 2025 through January 2026

Funding Period January 1, 2026 - December 31, 2026 (unless the application requests, and the Commissioner approves, an additional time period not to extend beyond December 31, 2027)

SECTION 3 – SCOPE OF WORK

3.1.1 Applicants must designate a Grant Recipient and an individual who will serve as Grant Recipient Agent for the Applicants for the purposes of the 2025 Grant. The Grant Recipient will also be responsible for managing the Grant.

3.1.2 Each Project must identify anticipated outcomes and measurements of success, with specific and measured outcomes of success reported to the Commissioner, at intervals determined by the Commissioner.

3.1.3 Each disbursement request for proceeds of a 2025 Grant must identify the Allowable Expenses for which disbursement is sought and provide evidence sufficient to the Commissioner to determine that the expense is properly reflected in the Project Budget and that the expense has been incurred or is otherwise due.

3.3.1 The Applicants shall provide to the Commissioner such additional information as the Commissioner deems necessary to analyze an Application.

3.3.2 If the Project envisions the Fintech providing any products or services requiring a license issued by the

Commissioner, the Fintech must acquire such a license before offering such products or services.

If the Fintech is not formed under Maryland law, the Fintech must produce such information to the Commissioner as is necessary to confirm that the Fintech may lawfully conduct business in Maryland. This information may be provided after a 2025 Grant is awarded but must be provided before any funds from the 2025 Grant awarded to those Grantees are disbursed. Failure to provide this information may result in cancellation of the 2025 Grant.

3.4.1 Project goals and deliverables will be assessed by the Commissioner quarterly throughout the life of the Grant. Applicants’ progress will be measured against outcomes and goals defined by the Applicants in the Application and agreed upon in the Grant Agreement.

3.4.2 At the time of award, the Project Budget will be finalized by the Applicants and presented to the

Commissioner for approval.

3.4.3 Disbursement requests for 2025 Grant proceeds must conform to the Project Budget and be properly documented, as may be more particularly set forth in the Grant Agreement. Any funds of a 2025 Grant remaining undisbursed at the end of the Grant Period will be retained by the MCIV Fund.

3.4.5 A final report to the Commissioner will consist of:

● A narrative summary of the effectiveness of the Project in meeting the goal of enabling the Financial Institution to better serve the financial services needs of LMI Businesses,

● A full listing of all specific and measurable outcomes required by the Grant Agreement, and

● Any other information the Commissioner may require.

3.4.6 The Commissioner reserves the right to revoke a 2025 Grant and withhold further disbursements to the

Grantees if the Grantee(s) abandon the Project or change the focus of the Project away from enabling the Financial Institution to better serve the Financial Services needs of LMI Businesses.

3.4.7 The receipt of a 2025 Grant does not constitute an endorsement of the Commissioner, the MD Labor

Secretary or any other official or agency of the State of Maryland of a Grantee or the Project.

3.4.8 The Grantees may not use receipt of a 2025 Grant for marketing or promotional purposes unrelated to recruitment of individuals to be served by the Project without the Commissioner’s express written consent.

SECTION 4 – APPLICATION FORMAT

Applicants seeking a 2025 Grant must apply using the Application (located here:

https://labor.maryland.gov/finance/mciv/) and include all required information and attachments, unless waived by the Commissioner in writing.

Completed applications should be submitted to mciv.fund@maryland.gov. Submissions should be combined into one PDF in the order listed in the Application. In addition to being included in the PDF, the Project Budget should also be included as a standalone Excel Sheet (xlsx).

SECTION 5 – GRANT EVALUATION AND SELECTION

5.1.1 The Commissioner shall designate employees of the OFR possessing appropriate knowledge and expertise to screen and review all Applications.

5.1.2 All Applications will undergo an initial screening by OFR staff to ensure that the Application complies with the directions set forth herein, is fully completed and includes all required information in attachments.

5.1.3 OFR staff shall evaluate each Application passing the initial screening and offer analysis and recommendations to the Advisory Board.

5.1.4 The Advisory Board shall consider each Application passing the initial screening and the analysis and recommendations of OFR staff. The Advisory Board shall then make recommendations on each Application to the Commissioner.

5.1.5 If necessary, oral presentation of an Application to OFR Staff or the Advisory Board may be requested.

5.1.6 Final approval of an Application will be made by the Commissioner based on the recommendations of the Advisory Board and considering other factors, such as geographic distribution, potential for success, past record of success, level of current development, and focus of the Project.

5.1.7 Upon written request, the Commissioner will provide feedback on proposals that do not receive a 2025

Grant.

**END OF DOCUMENT**

mailto:mciv.fund@Maryland.gov

SECTION 3 – SCOPE OF WORK