The Maryland Department of Housing and Community Development is administering $25 million to provide financial support to Maryland’s new or expanding businesses to help incentivize commercial investment in vacant retail and commercial properties.
Project Restore will provide two grant opportunities for businesses that plan on opening or expanding into previously vacant spaces:
Property Assistance Grant: The maximum grant request amount is $30,000 (up to $2,500 per month) for one year, for qualified small business with 50 or fewer employees (full time equivalents). Grant funds can be used to support rent, mortgage or property taxes based on whether the applicant will lease, purchase or already owns the vacant property they will occupy. Applicant’s monthly cost can exceed $2,500, but the maximum that will be paid by the Property Assistance Grant will be $2,500 per month for one year.
Business Operations Grant: The maximum grant award amount is $250,000 for one or two years for businesses that generate sales and use tax. Grant funds can be used for activities and costs related to sustaining and growing the business such as staff costs, capital improvements, marketing, inventory and supplies, utilities and the like and cannot be used for executive salaries or bonuses. Grant awards will be paid quarterly and will be based on sales and use tax generated by and submitted to the state in Calendar Year 2022.
To be eligible to apply for either a Property Assistance Grant and/or a Business Assistance Grant, a business must meet all of the following criteria:
PLEASE READ CAREFULLY THE NOTICE OF FUNDING AVAILABLITY (NOFA) BELOWThe NOFA provides important information on additional criteria specific to the Rental Assistance Grant and Business Operations Grant as well as the required documents that must be provided at the time of application.
NOTICE OF FUNDING AVAILABILITY:
There will be a single Project Restore application to apply for the Rental Assistance Grant and/or the Business Operations Grant.
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