Months after taking office to replace Catherine Pugh, Mayor Bernard C. “Jack” Young officially enters the race for Mayor. (Courtesy of Facebook)
Mayor Young Announces Additional $2 Million Dollar in Funds for Baltimore’s Small Businesses
Initiative Provides an additional $2 Million to assist local businesses to support Baltimore’s re-opening and continued recovery
BALTIMORE, MD. — Today, Mayor Bernard C. “Jack” Young announced an additional $2million in funds to provide financial assistance to small businesses. Last Spring, Mayor Young and the Baltimore Development Corporation (BDC) announced a Small Business Recovery Initiative, which included a $3.5 million Small Business Assistance grant fund.
“Baltimore’s small businesses have been agile in their response to COVID-19, and we must not relent in our efforts to assist our small businesses during this time.” Mayor Young said. “The Small Business Assistance Fund, administered by BDC, has helped businesses throughout our City and these additional resources will address ongoing operational challenges as we continue to fight the global pandemic.”
BDC will administer a $2 million grant fund on behalf of Baltimore City to provide financial assistance to small business enterprises (SBE). Businesses may apply for up to $15,000 in grants for expenses such as rent, payroll and purchase of PPE that may be necessary as they reopen. A portion of this fund will be set aside for businesses, which have been unable to qualify for other state or federal aid.
“By the number of grant applications we received during the first round, it was very evident that there are still many businesses that are struggling,” said Colin Tarbert, president and CEO of BDC. “This additional funding will enable us to assist even more businesses.”
SBEs will be required to complete an application to request funding and provide necessary documentation. More information on eligibility and how to apply will be available at www.BaltimoreTogether.com on Monday, October 5.