The Maryland Department of Housing and Community Development administered $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 provided two grant opportunities for businesses that opened or expanded into previously vacant spaces:
Property Assistance Grant: Awarded grant funds will be used to support rent, mortgage, property insurance or utilities based on whether the applicant will lease, purchase or already owns the vacant property they will occupy.
Business Operations Grant: Awarded grant funds will be used for activities and costs related to sustaining and growing the business in the previously vacant property it now occupies. Funds can be used to support staff costs, capital improvements, marketing, inventory and supplies, utilities and the like and cannot be used for executive salaries or bonuses.
The Department made 352 awards to businesses in Maryland’s 23 counties and Baltimore City.
For more information:
Governor Hogan Announces $14.5 Million in Project Restore Awards
Governor Hogan Announces $10.8 Million in Project Restore Awards to 144 Businesses
Governor Hogan Announces $25 Million Initiative to Revitalize Downtowns and Main Streets