Around Maryland, Business

Maryland launches $10M grant program for small businesses

ANNAPOLIS, MD—Governor Wes Moore this week announced grants of up to $50,000 to help small businesses expand or open in designated areas. The grants are part of the state’s Project Restore 2.0 and Business Boost grant programs.

“When storefronts close down, our entire state feels it,” said Governor Moore. “Now is the time to work in partnership with the private sector to revitalize our business districts, and that’s what this grant funding is about.”

The Project Restore 2.0 program will provide $8 million in federal aid to help designated Main Streets, Arts and Entertainment Districts and other economic development organizations in a designated Sustainable Community identify and subgrant funds to businesses for rental assistance, renovation and equipment to activate those vacant spaces. The grants are available to small businesses, start-ups and nonprofits that are located in designated Sustainable Communities and that are facing challenges such as lack of capital or investment.

The Business Boost program is launching its first round of grant funding with $2 million available for eligible small business owners located in designated Sustainable Communities. The grants are available to new or expanding businesses that are seeking their first commercial location and businesses that are home-based and seeking to open their first retail location. Preference will be given to businesses that are innovative, focused on regional strengths to grow local economies, or leverage partnerships between school districts or other education institutions.

Applications will open on March 13 for small business owners to apply through Business Boost and for economic development organizations to apply through Project Restore 2.0. Additional information on each grant opportunity is available online here.

This article was written with the assistance of AI and reviewed by a human editor.

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