A new grant program launched in Frederick, Maryland, aims to support minority and women-owned small businesses.
“The program is designed to support and empower,” said Shana Knight, community engagement specialist with the city of Frederick.
“The thought process behind it is that the No. 1 issue for minority and women-owned small businesses is access to capital, so we just want to provide opportunities for that, that will allow these businesses to grow,” Knight added.
According to the city, grant money is available for both startup and established businesses that need funding for a defined project that will grow their business.
In all, there is $400,000 available. Eligible businesses may request grant amounts up to $40,000.
“Our goal is to just support as many of these businesses as possible, and really prioritize projects that demonstrate that it’s going to really help a business grow,” Knight said.
Potential recipients must be a registered, for-profit business and have no more than 25 full-time employees.
The grant money is not intended to replace revenue shortages. Funds must be used for a “clearly defined project designed to increase revenue, improve profitability, and/or enhance the business’ product/service opportunities,” according to the city.
Eligible reasons for requesting a grant include equipment, building fit-out or renovation, inventory, professional services, website design and marketing, among others.
“We want to level the playing field to make things a little bit easier so everyone has a chance to be successful entrepreneurs,” Knight said. “We’re really excited to see, when the application portal closes, what we will end up funding.”
The window for submitting applications just opened last week and will remain open through Aug. 12. Grants will be awarded and distributed by early fall.
While preference will be given to businesses located in Frederick, businesses in other parts of the state may apply.
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