Photo courtesy of the Maryland Department of Housing and Community Development
The Maryland Department of Housing and Community Development (DHCD) has announced the formation of a new Division of Business Development. Leading the division is Brad Fallon, who joins DHCD as Assistant Secretary following his tenure as Deputy Legislative Officer to Governor Wes Moore. Fallon brings a wealth of experience in economic development and policy, having served as staff lead on major legislation, including the Governor’s 2024 Housing Package. “This is a critical moment for Maryland’s economy which presents both challenges and immense opportunities for growth and success,” said Fallon. “I’m thrilled to join the talented DHCD team to build upon the Moore-Miller Administration’s progress on attracting community investment, bolstering entrepreneurship, and boosting small businesses that catalyze lovable communities across the state.”
The Business Development Division arrives on the heels of DHCD’s expanded authority to utilize $198 million in federal State Small Business Credit Initiative funds, enhancing Maryland’s capacity to invest in entrepreneurship. With this strategic move, DHCD will now offer broader technical assistance and new tools to support both new ventures and existing businesses. The division will focus its efforts at supporting the expansion of small businesses and nonprofit organizations across the state’s Sustainable Communities and Priority Funding Areas. This division will manage business growth initiatives, including the Neighborhood Business Works (NBW) loan program, which closed over 108 deals and delivered more than $21 million in business assistance in Fiscal Year 2025.
“The work of providing capital to small businesses is critical to Maryland’s long-term economic growth,” said DHCD Secretary Jake Day. “The creation of the Division of Business Development is the natural progression of DHCD’s years of work helping entrepreneurs become successful and signals our commitment to growing small businesses in Maryland.”
