A number of small businesses in parts of Maryland could be receiving financial assistance through the CARES Act, as the coronavirus pandemic continues.
The U.S. Department of Commerce said its Economic Development Administration is awarding $3.4 million in CARES Act Recovery Assistance grants as “revolving loan funds” aimed to provide “critical gap financing” across Maryland to small businesses and entrepreneurs negatively impacted by the pandemic.
“These investments will provide small businesses across Maryland with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future,” said Secretary of Commerce Wilbur Ross.
The investments announced Friday are for the following EDA revolving loan fund grantees:
- Baltimore County DED, Towson, Maryland, will receive a $1.6 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Baltimore County.
- Tri-County Council for Western Maryland, Frostburg, Maryland, will receive a $1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Allegany, Garrett, and Washington counties.
- Maryland Department of Commerce, Baltimore, Maryland, will receive a $770,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses across Maryland.
“These investments come at a crucial time to help Maryland’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, who performs the delegated duties of the Assistant Secretary of Commerce for Economic Development.
“EDA is pleased to invest these CARES Act funds so that Maryland businesses have access to capital to respond to and recover from the coronavirus pandemic.”
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