The Top 8 Options For Maryland Small Business Grants
If youâre having trouble finding local grants, you may want to consult with your local SBA chapter. Many grant organizations donât market their grant programs online, which is why contacting your local SBA chapter or other local business association can be helpful. Many business organizations such as SCORE and Maryland SBDC compile grant lists for small businesses.
Safe Act Financial Assistance Program
In order to the reduce the cost burden associated with the purchase and installation of security equipment and building improvements that are required under the Secure All Firearms Effectively Act, the following programs are available to Baltimore County businesses:
Matching Grant Program
Baltimore County will provide a matching grant in an amount of up to $10,000 for the purchase of security equipment and improvements that are required under the SAFE Act. Example: If the project cost is $10,000, the business will contribute $5,000 and the County will provide a $5,000 grant. If the total project cost is $25,000 the County will provide a $10,000 grant.
Commercial Loan Program
Baltimore County will provide a commercial loan in order to assist County Businesses to comply with the SAFE Act. Proceeds of the loan can be used for the purchase of security equipment and for security improvements to real property. Loan applications will be reviewed and approved based upon the financial strength of the applicant and the available collateral to secure the loan. The outline of the program is as follows:
- Term Loan: five years
- Interest Rate: zero percent
- Personal Guarantees are required
All applicants must be in the process of obtaining the approval of the security plan by the Baltimore County Police Department . Funding will not take place until the BCoPD provides a written approval of the security plan.
Become A Certified Minority Business Enterprise
The Department of Transportations Office of Minority Business Enterprise is responsible for the certification process for MBEs. Once you have completed this process you are eligible for programs like the ones listed below:
- Minority Business Enterprise : This program encourages participation in state contracting and procurement opportunities for socially- and economically-disadvantaged small business owners.
- Governors Office of Small, Minority & Women Business Affairs: Helps coordinate small business resources for women, minority and small businesses to assist in both public and private sector competition.
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Backing Black Business Grant Program
The Backing Black Business provides free grants of up to $50,000 to hundreds of Black women-owned businesses in Baltimore. Reimagine Main Street and The Women Entrepreneur Leadership Lab is partnering with Facebook/Meta to provide financial assistance to female entrepreneurs through this program.
Grants will be given to female-owned small businesses with a minimum revenue of $10,000.
Small Business Growth Fund
This program targets Prince Georges County businesses with 25 or fewer employees. Most funds from this source are directed towards expanding existing businesses, but funding for start-up businesses is considered case-by-case. Renovation and leasehold improvements can use the funds received through this source.
The MEDAAF offers small businesses in Maryland the following opportunities and programs.
Significant Strategic Economic Development Opportunities
This program provides funds to projects within priority funding areas and eligible sectors of the economy. Please note that the loans offered can not exceed $10 million or 20% of the current fund balance, whichever is less.
Economic Development Opportunities Fund
The Maryland Economic Development Fund encourages Maryland to become a significant participant in exceptional economic development opportunities that create and retain significant jobs in the state.
Projects must also fall under funding priority areas and be located within industries that qualify for funding. Additionally, this program is a source of funding to make capital investments in the areas designated as Priority Funding Areas.
A creditworthy applicant will have a strong balance sheet and demonstrate a strong credit rating. Applicants should be innovative and consistent with the states economic development strategic plan.
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Nership For Workforce Quality
New and existing businesses can apply for this program through Maryland. The training grant funds are being allocated to the manufacturing and technology sectors which are looking to increase workers skills for new technologies and production processes, increase productivity, and increase employment stability.
There are several purposes for which the funds may be used:
- With coverage of 50% of the costs of qualified projects, the assistance program reimburses up to 10% of the total project cost. The maximum grant is $200,000.
- At least 60% of the funds must be allocated to small businesses with fewer than 150 employees.
- There must be a minimum of 20% of the funds going to businesses with more than 500 employees.
What Is Marylands Economic Recovery Initiative
This small business grant will also help small businesses to re-operate and more people would stand on their feet again.
The governor has released a statement that states that the funds will be allocated to needy citizens and small business owners as quickly as possible. For that, they have organized a team in every agency.
The team will receive applications and then the funds will be allocated.
Moreover, they have also urged local partners who will help them allocate the funds to those who need it.
Some people would apply for the grant even if they dont need it. In this case, the needy citizens and business owners who need it wont receive the support.
As a result, they wont be able to look after their families due to financial crises.
The newly announced fund of $250 million will be allocated to the existing as well as new programs.
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The $250 Million Grant For Small Businesses
As per the data available on the web, the governors $250 Million grant money will be distributed amongst the small businesses across Maryland.
The remaining fund will be deposited to Marylands Covid-19 Relief Fund which will be utilized to spread awareness among the people to keep themselves safe.
Small businesses such as restaurants, local entertainment venues, local vendors, main street businesses, and other small businesses would receive the allocated money as per their criteria.
Previously, the state had announced a $250 million covid 19 relief fund. However, after the announcement by the Governor of an additional $250 million grant, the total fund is now doubled what the department had announced.
Montgomery County Economic Development Grant & Loan Program
The Montgomery County Economic Development Grant & Loan Program is available to new and existing businesses. Employers who retain or stimulate jobs are offered financial assistance, with a priority given to high-tech and manufacturing companies, businesses located in urban revitalization areas, or private employers who provide the most public benefits.
Typically, the amount of assistance will range from $5,000 to $100,000, although high amounts may be available for businesses undertaking large projects.
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Small Business Grants In Maryland
Business owners in Maryland can successfully access grant opportunities with the following grants. This is important when it comes to sourcing grants for small businesses. The process of finding grants may appear quite complex for those that are just starting out, however, the process is worth the time invested in the process.
Community Arts Development Grant
The community arts development grant program is a great grant opportunity you can apply to help you get the grant opportunity that you need to make a difference. If you have the goal or mission to create value for your program in the community. The process requires that you create access to the program that you wish to apply to.
The community program has several programs that you may find correlate with the program that you are working in. Creating the access that you need to grant can be the starting point to getting more grant opportunities. In several other areas of the grant application, having the understanding of accessing your funds can mean clarity for your program.
The MTNA grant program is open to individuals who are interested in applying for grant funding in Maryland. This is yet another program that can definitely make all the difference especially for those starting out. The MTNA program is a streamlined grant application that provides financial funding for those who complete the application process for the grant funding.
Montgomery County Move Program
Montgomery County provides this program to new and relocated businesses. Business owners new to the county and lease 20,000 square feet or less of Class A or B office space for three years can apply for a one-time grant. Retail, restaurants, and independent financial or insurance agents cannot apply for the grant.
Businesses eligible for the grant can receive a grant of $8.00 per square foot for commercial classes A and B. Applicants must submit their applications within 90 days of the lease signing date.
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Find Programs For Veteran
- Hire our Veterans Tax Credit: This program provides a State income tax credit to small businesses who hire qualified veterans. The credit is based on wages paid to those veteran employees.
- Military Personnel and Veteran-Owned Small Business Loan Program: Small businesses that employ or are owned by military reservists, veterans, National Guard personnel are provided with no interest loans.
- : Each State agency in Maryland must structure procurement procedures with the goal of achieving an overall minimum of 1% of the agencys total dollar value of procurement contracts to be indirectly or directly made up of veteran-owned small businesses.
Montgomery County Economic Development Grant And Loan Program
Financial assistance to private employers who retain jobs or stimulate new job creation in Montgomery County.
Priority is given to the following businesses:
- high technology companies
- businesses located in urban revitalization areas, and
- other private employers providing the greatest public benefits.
Amount
The typical amount of EDF assistance ranges from $5,000 to $100,000. Higher amounts are possible for businesses involved in large projects.
Evaluation Criteria
Projected employment growth and capital investment, or other positive economic impacts that the County’s assistance will facilitate.
- Financial history and projections, including balance sheets, income statements, and cash flow statements.
- Background of the company and its management.
- Present and future market outlook for the business.
The applications will be further evaluated using priority criteria to arrive at a funding decision.
Priority will be given to:
- cases where the private employer’s business will create significant employment growth by creating new jobs within 1 to 3 years of funding.
- cases that will result in significant capital investment in the county.
- assistance that will materially improve the County’s economy and advance the County’s economic development objectives and strategies.
- cases where County funding complements and leverages existing state and private sector funding programs.
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Baltimore County Matching Grant Program
Businesses in Baltimore County have the option to receive a Matching Grant under the SAFE Act Financial Assistance program. The purpose of the SAFE Act is to encourage businesses in Baltimore County to comply with required security equipment and improvements. Businesses will cover up to half of the cost for businesses to purchase security equipment and make building renovations to their business. The maximum grant amount you can receive from the County is $10,000.
If youâre interested in applying to the Matching Grant program, you will need to contact a Baltimore County business development representative.
Building Improvement Loan Program
Building Improvement Loan Program provides up to a $30,000 interest-free loan which can be used for exterior improvements such as awnings, landscaping and signage for businesses in one of 18 Commercial Revitalization Districts. This loan can be combined with other economic development incentives for larger projects. Some minor interior and equipment improvements may also be financed.
Contact us for more information about BILP and to download an application.
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Maryland Value Added Producer Grant Capital Assets Option
The , or MARBIDCO, offers grants up to $10,000 per small rural businesses and farmers who want to expand their operations. Grant recipients can use the funds to build processing facilities, purchase production equipment, and cover expenses that will help diversity business operations.
Applicants must be making a product that is considered value-added in order to apply for the grant. Applicants must also download the application form, submit a detailed business plan, and upload tax returns for the most recent past year.
Economic Development Incentive Fund
As part of the $50 million funds provided by the Prince Georges County Economic Development Corporation, the County will expand its commercial tax base and promote major development and redevelopment opportunities, transit-oriented development, job retention, attraction, and the growth of key sectors.
Land acquisition, construction and improvements, equipment acquisition, and working capital are some eligible uses of the proceeds. Detailed information regarding the program is available here.
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$50 Million For Expansion Of Small Businesses
This initiative will provide a $50 million grant as the third installment to Maryland Covid 19 Relief Fund. $10,000 will be given to small businesses with less than 50 employees.
This program has distributed over 9600 grants to affected small businesses due to coronavirus.
Besides this, the remaining funds will be distributed to eligible applicants who have already enrolled in this program and awaiting their application to get accepted for receiving the grant.
Military Personnel And Veteran
MPVOLP offers no-interest loans of up to $50,000, from one to eight years, for businesses owned or having direct control by military reservists, veterans, or members of the National Guard and for small businesses owned or operated by employees of such individuals.
Veteran-owned businesses with fewer than 50 employees may also apply for the grant. Veteran-owned small businesses, businesses owned by military reservists and National Guard members called to active duty, and small businesses owned by their employees are all eligible.
Whenever members of the Reserves or National Guard are called to active duty, the funds from the Program are to be used to cover immediate, identifiable costs of the business, including non-business-related expenses incurred as a result of the call to active duty. It is possible to make the loan at any time, starting from the date of the individuals call to active duty and ending six months after the end of the active-duty period.
This program caters to the needs of service-disabled veterans, businesses owned by disabled veterans, and businesses that employ disabled veterans. The programs purpose is to alleviate the financial burden of making the home, motor vehicle, and place of employment of a service-disabled veteran accessible to individuals with disabilities and to lower other necessary expenses.
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Latino Economic Development Center
In addition to serving Maryland outside of Washington DC, the Latino Economic Development Center also serves the city of Washington DC itself. Their main aim is to assist Latino/Latina-owned businesses. The company provides loans and other business services to small businesses since it is a CDFI.
It may offer loans of $500 to $25,000 to small businesses. There is also a section dedicated to free business advice on various topics, including website and social media development, how to build credit, how to develop or create a business plan, and how to form an LLC.
$50 Million To Restaurant
Out of $250 Million, $50 Million will be provided to restaurants across Maryland. We all have seen the impact of coronavirus on this particular business chain.
For that reason, the federal department has decided to allocate $50 million as direct financial aid to restaurants.
Restaurant owners can apply for a grant to repay the rent to buy new equipment expand their seating area or do other renovation work.
They can even ask for funds to establish sanitization services or for the adoption of new technology services to provide door-to-door delivery services.
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$100 Million For Emergency Rapid Response Fund
A $100 Million from the allocated funds will be set aside for the emergency rapid response fund. This money can be deployed to the emergency areas whenever needed.
The pandemic is not over yet and every government should allocate special funds as rapid response funds to support those in need during the emergency.
The remaining fund will be distributed among the hometown tourism program and its improvement, expansion of arts organization, minor and small businesses through low-interest rates.
Also for the relocating employees who have lost their jobs due to lockdowns and business shutdowns.
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City Of Laurel Maryland
About the Program
The City of Laurel Department of Economic and Community Development will administer the Laurel Legacy Small Business Grant Program.
The goals of this Program include:
Applications will be accepted and reviewed on a first-come, first served basis. Submission of an incomplete or inaccurate application may result in delay or ineligibility. Please read all grant terms and application instructions before starting and submitting your application. Applications are limited to one per business entity that has been located within the municipal boundaries of the City of Laurel for at least the last five years.
Grant Amount
This Program will award grants in the amount of $5,000 to $50,000 to businesses that have been located within the City of Laurel for at least five years. The total fund dedicated to this Program is $500,000.
Funds to support this program are provided locally through the American Rescue Plan Act , via the U.S. Department of the Treasury.
Grant Terms
Eligibility
Ineligible Business Types or Persons
Eligible Locations
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