The Maryland Department of Housing and Community Development (DHCD) is administering $25 million to provide financial support to Maryland’s new or expanding businesses to help incentivize commercial investment in vacant retail and commercial properties.
Project Restore will provide two grant opportunities for businesses that plan on opening or expanding into previously vacant spaces:
- Rental Assistance Grant:
The maximum grant request amount is $30,000 for one year (rental payment up to $2,500 per month). Applicant’s monthly rent can exceed $2,500, but the maximum that will be paid by the Rental Assistance Grant will be $2,500 per month. Only applications that are fully complete at submission will be considered for funding.
- Business Operations Grant:
The maximum grant award amount is $250,000 for 1 or 2 years. The Business Operations Grant can be used for activities and costs related to sustaining and growing the business such as staff costs, capital improvements, marketing, inventory and supplies, utilities, and the like and cannot be used for executive salaries or bonuses. Grant awards will be paid quarterly and will be based on the amount of sales and use tax generated by the business and submitted to the State in Calendar Year 2022. Only applications that are fully complete at submission will be considered for funding. For more information regarding requirements and applications click here
Manufacturing Hardware Accelerator – sponsored by Rev: Ithaca Startup Works – this accelerator supports hardware companies as they move their prototypes into production. The 60-week program will launch with its second cohort in October 2021 and guide entrepreneurs through design programming, train them on manufacturing do’s and don’ts, provide one-on-one mentorship, and offer introductions to manufacturers and investors. The program is funded by the Economic Development Association and is affiliated with Cornell Engineering. Participants must have a fully functional prototype and a confirmed customer market. They do not need to be located in New York state to participate as the majority of programming will be hosted virtually. Participants don’t pay anything or give away any equity. Applications close September 20, 2021. Learn more here. Apply here.
Live Your Dream Awards – provides education grants to women who provide the primary source of financial support for their families. Applications are accepted Aug 1 – Nov 15, 2021. Learn more here.