BALTIMORE, MD (July 6, 2022) – The Maryland Department of Commerce has been awarded a $1.6 million grant from the Economic Development Administration (EDA), an agency within the U.S. Department of Commerce. The federal grant comes from the American Rescue Plan and will be matched with $396,000 from the state's Maryland Economic Adjustment Fund (MEAF). The funding will be used to assist Maryland small businesses through MEAF's revolving loan fund, with priority consideration given to businesses in Baltimore City and rural regions across the state.
"As we continue to make Maryland the best place to do business, this $1.6 million grant will support the backbone of our economy and help numerous small businesses bounce back from recent economic challenges," said Governor Larry Hogan. "We thank the EDA for its continued support over the years and we are proud to disburse this money to those businesses that need it most."
The revolving loan fund will aim to assist small underserved businesses that do not qualify for traditional financing or lending sources and help them recover from the pandemic, create new jobs, and grow in Maryland. The funding is expected to create 250 new jobs, retain 110 jobs, and generate $210,000 in private investment, according to EDA's announcement.
"This significant grant from the EDA will allow us to reinvest in our MEAF program, specifically targeting those underserved businesses across the state," said Maryland Commerce Secretary Mike Gill. "We look forward to expanding our financial resources with this funding and helping our entrepreneurs and small businesses in Maryland."
"President Biden is committed to providing businesses with the resources they need to recover from the economic impact of the coronavirus pandemic," said U.S. Secretary of Commerce Gina M. Raimondo. "This EDA investment will provide needed capital to small businesses and entrepreneurs in Maryland, creating a stronger, more robust regional economy."
Under the American Rescue Plan, EDA was allocated $3 billion in supplemental funding to assist communities nationwide in their efforts to build back better by accelerating the economic recovery from the coronavirus pandemic and building local economies that will be resilient to future economic shocks. This project is funded under EDA's American Rescue Plan Economic Adjustment Assistance program, which makes $500 million in Economic Adjustment Assistance grants available to American communities. The program is EDA's most flexible, and grants made under this program will help hundreds of communities across the nation plan, build, innovate, and put people back to work through construction or non-construction projects designed to meet local needs.
Businesses interested in learning more should contact ARP.meafloanfund@maryland.gov.
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