Maryland Commerce receives $1.6 million from the federal government to help small businesses

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BALTIMORE, MD (July 6, 2022) – The Maryland Department of Commerce received a $1.6 million grant from the Economic Development Administration (EDA), an agency of the United States Department of Commerce. The federal grant comes from the American Rescue Plan and will be matched with $396,000 from the state Maryland Economic Adjustment Fund (MEAF). The funding will be used to help small businesses in Maryland through the MEAF Revolving Loan Fund, prioritizing businesses in Baltimore City and rural areas of 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 many small businesses recover from recent economic challenges,” said said Gov. Larry Hogan. “We thank the EDA for their continued support over the years and are proud to give this money to the businesses that need it most.”

The revolving loan fund will focus on helping underserved small businesses that don’t qualify for traditional funding 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 EDA grant will allow us to reinvest in our MEAF program, specifically targeting underserved businesses across the state,” said Maryland Secretary of Commerce Mike Gill. “We look forward to expanding our financial resources through 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. Commerce Secretary Gina M. Raimondo. “This EDA investment will provide needed capital to small businesses and entrepreneurs in Maryland, creating a stronger and more robust regional economy.”

As part of the U.S. bailout, the EDA received $3 billion in additional funding to help communities nationwide in their efforts to build back better by accelerating economic recovery from the coronavirus pandemic and building local economies that will withstand future economic shocks. This project is funded under the US EDA bailout 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 awarded under this program will help hundreds of communities across the country plan, build, innovate, and get people back to work through construction or undesigned projects. to meet local needs.

Companies interested in learning more should contact [email protected].


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