Small businesses and economic development organizations have the chance to receive a big financial boost thanks to $10 million in grants announced by Gov. Wes Moore through the Maryland Department of Housing and Community Development (DHCD).
The grants are part of DHCD’s Project Restore 2.0 and Business Boost programs. The funding is meant to enliven vacant spaces in business corridors, give small businesses start up or expansion money, create jobs, and boost local economic activity.
“When storefronts close down, our entire state feels it. 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,” Moore said in a statement. “Together, we will continue to make Maryland more competitive by moving in concert with entrepreneurs and small businesses – not in conflict with them.”
Main Streets, Arts and Entertainment Districts, and other economic development organizations will receive $8 million from Project Restore 2.0. “Grants of up to $300,000 per applicant will go to organizations that have identified priority vacant storefronts or buildings in local business districts,” reads the press release announcing the funding. “Those organizations would then sub-grant the funding to businesses for rental assistance, renovation and equipment to activate those vacant spaces.” Businesses receiving sub-granted funds will need to be open and operational by December 2025.
Business Boost is providing $2 million in its first round of funding, awarding it directly to small business owners in grant amounts between $20,000 and $50,000. The businesses must be new or expanding, and located in designated Sustainable Communities. These are communities where public and private parties collaborate financially and otherwise to create a healthy local economy around a place of historical and cultural importance through a mix of land uses, affordable and sustainable housing, employment options, environmentally sound growth practices, and much more.
The Business Boost grants will prioritize businesses that are moving from home-based setups to their first commercial location, are designated a Minority Business Enterprise, are innovative, show focus on strengthening local economies, and are interested in partnering with school districts and educational institutions in Maryland.
“By strengthening the successful Project Restore grants to fill storefronts on Maryland main streets and launching Business Boost, we are building on what we know to be the best way to help grow Maryland communities’ economies: from the center out, empowering locally owned businesses, and bringing life back to vacant storefronts,” said Jake Day, Secretary of Maryland Department of Housing and Community Development, in a statement. “These grants are just the beginning of the department’s renewed efforts to double down on the hearts of our cities and towns, maximizing the positive impact of our funding to create lovable places and help businesses choose to set up shop in Maryland.”
Applications for these grants will open on March 13. Small business owners can apply through Business Boost, and economic development organizations can apply through Project Restore 2.0.
For more information on either set of grant opportunities, click this link.
Great article, well done and thx, sharing
Thanks, Glenn!