Restaurant Revitalization Fund (RRF): Last week, the SBA announced key details on application requirements, eligibility, and a program guide. Also a new initiative that allows restaurants and other related businesses to apply for the RRF through point-of-sale service providers.
If you are a Maryland business seeking financial relief as a result of the COVID -19, please contact the Maryland Department of Commerce for assistance: Maryland COVID-19 Emergency Relief Fund Programs for Businesses.
For existing Neighborhood Business Works borrowers, please visit the Neighborhood BusinessWorks page for COVID-19 payment relief information.
The Maryland Department of Housing and Community Development believes that small businesses are the engine that drives our economy. The department offers loans and business growth tools to new and expanding small businesses and nonprofit organizations whose efforts help improve and revitalize existing commercial districts and town centers. Our Neighborhood BusinessWorks loan program is used by small businesses and lending partners to provide financing options during all phases of business growth. The department is seeking to strengthen our partnerships with banks, community development financial institutions (CDFI’s) and mixed-use developers to explore how to help lenders and entrepreneurs turn business plans into actual, brick and mortar businesses.
Looking to start or expand your business? The Opportunity Zone program may be a great way to source additional capital and receive federal tax incentives.
Small businesses and startups in Maryland can get help to grow through a range of financing programs available from the Maryland Department of Housing and Community Development.