Maryland Small Business Grants – Overview
An ongoing pandemic has destroyed many small businesses across the globe. To support them in standing back and doing regular business, many organizations come forward to help them.
The federal department also offers 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.
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 on the web, the governor’s $250 Million grant money will be distributed amongst the small businesses across Maryland.
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.
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 will stand on their feet again.
The governor has released a statement that states that the funds will be allocated to 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 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 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 will the funds be utilized?
1. $50 Million for Expansion of Small Businesses
This initiative will provide a $50 million grant as the third installment to the Maryland 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.
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.
Restaurant owners can apply for a grant to repay the rent to buy new equipment, 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.
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 funds will be distributed to the hometown tourism program and its improvement, expansion of arts organizations, and minor and small businesses through low-interest rates.
Also, for the relocating employees who have lost their jobs due to lockdowns and business shutdowns.
Interactive US Map for Small Business Grants