Small Business Grants to Strengthen Local Economies
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Through $10 million in small business and community development grants, the Maryland Department of Housing and Community Development plans to target investments to activate vacant spaces in business corridors and support small businesses with start up or expansion funds while creating jobs and increasing local economic activity. There are two paths that the grant funding can be accessed: economic development entities can apply for Project Restore 2.0, which will incentivize commercial investment in downtowns, Main Streets and other business districts by providing funding for entities to subgrant to businesses. Or eligible new and expanding small businesses in designated Sustainable Communities can apply for funding directly through Business Boost.
Place-Based Economic Development Organizations
Project Restore 2.0 will provide $8 million to designated Main Streets, Arts and Entertainment Districts and other place-based economic development organizations in a designated Sustainable Community. The grants of up to $300,000 per applicant will go to organizations that have identified priority vacant storefronts or buildings in local business districts. Those organizations will then sub-grant the funding to businesses for rental assistance, renovation and equipment to activate those vacant spaces. Businesses that receive sub-granted funds will have until December 2025 to open and be operational.
For Businesses
The Department of Housing and Community Development (DHCD) through the Neighborhood BusinessWorks (NBW) program, is offering up to $2,000,000 of Business Boost microgrants ranging from $20,000 to $50,000 to support small businesses who need capital for growth and/or expansion opportunities. Applications will be accepted online starting March 13, 2024.
Applications have now closed. If interested, feel free to sign up for updates below.
