Maryland Small Business Grants (4 New Grants)

Maryland Small Business Grants Maryland Small Business Grants

Maryland Small Business Grants – Overview

An ongoing pandemic has destroyed many small businesses across the globe. To support them for standing back and doing regular business, many organizations come forward to help them.

The federal department is also offering financial aid to such businesses by extending a helping hand as a grant.

Maryland Small Business Grants listed below are helpful to those who live in Maryland.

Covid 19 has left a big dent in the financial cycle. In present times, almost every country is suffering from the downfall due to lockdowns and business shutdowns.

To make Maryland Strong and pre-function its business model, the governor of Hogan announced several grants in the past.

Out of all the available grants, you can apply for a suitable grant for your business. To make Maryland Strong, the governor has announced a $250 million grant for small businesses.

This particular grant is to re-develop the businesses which have been shut down due to pandemics.

The $250 Million Grant for Small Businesses

As per the data available on the web, the governor’s $250 Million grant money will be distributed amongst the small businesses across Maryland.

The remaining fund will be deposited to Maryland’s Covid-19 Relief Fund which will be utilized to spread awareness among the people to keep themselves safe.

Small businesses such as restaurants, local entertainment venues, local vendors, main street businesses, and other small businesses would receive the allocated money as per their criteria.

Previously, the state had announced a $250 million covid 19 relief fund. However, after the announcement by the Governor of an additional $250 million grant, the total fund is now doubled what the department had announced.

What is Maryland’s Economic Recovery Initiative?

Maryland’s Economic Recovery Initiative is an initiative announced by Maryland’s Governor to support small businesses. To make this happen, the department has allocated a $250 million grant which means this initiative will boost the overall economy of the state.

This small business grant will also help small businesses to re-operate and more people would stand on their feet again.

The governor has released a statement which states that the funds will be allocated to the needy citizens and small business owners as quickly as possible. For that, they have organized a team in every agency.

The team will receive applications and then the funds will be allocated.

Moreover, they have also urged local partners who will help them allocate the funds to those who actually need it.

Some people would apply for the grant even if they don’t need it. In this case, the needy citizens and business owners who actually need it won’t receive the support.

As a result, they won’t be able to look after their families due to financial crises.

The newly announced fund of $250 million will be allocated to the existing as well as new programs.

How the funds will be utilized?

1. $50 Million for Expansion of Small Businesses

This initiative will provide a $50 million grant as the third installment to Maryland Covid 19 Relief Fund. $10,000 will be given to small businesses with less than 50 employees. This program has distributed over 9600 grants to affected small businesses due to coronavirus.

$50 Million for Expansion of Small Businesses

Maryland Small Business Grants – $50 Million for Expansion of Small Businesses

Besides this, the remaining funds will be distributed to eligible applicants who have already enrolled in this program and awaiting their application to get accepted for receiving the grant.

2. $50 Million to Restaurant

Out of $250 Million, $50 Million will be provided to restaurants across Maryland. We all have seen the impact of coronavirus on this particular business chain. For that reason, the federal department has decided to allocate $50 million as direct financial aid to restaurants.

$50 Million to Restaurant

Maryland Small Business Grants – $50 Million to Restaurant

Restaurant owners can apply for a grant to repay the rent or to buy new equipment or expand their seating area or do other renovation work.

They can even ask for funds to establish sanitization services or for the adoption of new technology services to provide door-to-door delivery services.

3. $20 Million to Main Street

A $20 million grant will be distributed to Main Street through the Department of Housing and Community Development. This fund will be distributed to badly affected small businesses working on the main street including entertainment venues.

$20 Million to Main Street

Maryland Small Business Grants – $20 Million to Main Street

4. $100 Million for Emergency Rapid Response Fund

A $100 Million from the allocated funds will be set aside for the emergency rapid response fund. This money can be deployed to the emergency areas whenever needed.

The pandemic is not over yet and every government should allocate special funds as rapid response funds to support those in need during the emergency.

The remaining fund will be distributed among the hometown tourism program and its improvement, expansion of arts organization, minor and small businesses through low-interest rates.

Also for the relocating employees who have lost their jobs due to lockdowns and business shutdowns.

See Also

Small Business Grants for Women

Small Business Grant for Veterans

Grants for Women Starting a Business

Medical Business Grants

Reference links:-

https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-grant-fund

https://businessexpress.maryland.gov/resources

Follow us

Leave a comment

Your email address will not be published.


*