Mayor Young Announces $2 Million Fund For Small Businesses
Baltimore Mayor Jack Young announced a $2 million grant fund for small businesses today. The fund aims to help businesses reopen safely and recover from the pandemic.
“Baltimore small businesses have been agile in their response to COVID-19. And we must not relent our efforts to assist our small businesses during this time,” Young said.
Young says businesses may apply for up to $15,000 for expenses like rent, payroll and PPE. A portion of the fund will be set aside for businesses that have not been able to get federal or state aid.
The fund comes from the Baltimore Development Corporation, in addition to a $3.5 million grant fund it established in the spring.
Colin Tarbert, the corporation’s president, says 74% of the spring grants went to minority-owned businesses. Most of them went to Black owned businesses.
“We were very intentional, to make sure that this recovery is inclusive and equitable,” Tarbert said.
Tarbert says eligibility requirements for the fund will be available Monday, Oct. 5.