Though federal grants and loans are offered on the national level through the Small Business Administration for Coronavirus relief, Maryland also has programs available.
Having your business books in order before applying is the key to a smooth application process. It increases your chances of getting approved and funded. Let us help you practice better bookkeeping habits and get your financials in order before you apply.
Here is a list of Maryland’s most recent offerings for grants and funds provided for Coronavirus (COVID-19) relief. This list is not an exhaustive list of grant and funding options in the state, and other options may be available to you.
Maryland COVID-19 Emergency Relief Grant Fund
This grant provides up to $10,000 to Maryland small businesses with 50 or fewer employees negatively affected by COVID-19. The amount granted cannot exceed three months of cash operating expenses.
Though Governor Hogan provided more funding to this program in October 2020, new grant applications will not be accepted at this time. Funds are still being disbursed to prior applicants on a first-come, first-served basis.
BGE Energizing Small Business Grants Program
This grant program is for BGE customers who own small businesses to provide up to $20,000 for relief and recovery. Grant applications are processed in three separate rounds, with the first ending on March 3, 2021.
Preference goes to minority-owned and women-owned businesses. Learn more about the criteria and how to apply.
$250 Million ‘Maryland Strong: Economic Recovery Initiative’
This initiative is statewide, with $50 million used to fund the Maryland COVID-19 Emergency Relief Grant Fund. Each county allocates the remainder of the funds for small businesses in specific locations and industries, including:
- Main Street Maryland communities
- The arts
- Small businesses
Find the list of local programs
Opportunity Zone Microgrant Funding
There is a grant available for entrepreneurs in the early stages of a for-profit business in one of Maryland’s Opportunity Zones or expanding business into one of these zones. The Opportunity Zone Microgrant offers $10,000 to $50,000 to qualifying companies with $500,000 to award in total.
The Opportunity Zones are mainly in:
- Allegany County
- Garrett County
- Somerset County
- Wicomico County
MSAC Emergency Grant Program
An additional $3 million was allocated to the Maryland State Arts Council. This grant will take applications until funds are exhausted on a first-come, first-served basis.
Independent artists and arts organizations are encouraged to apply if they sustained losses because of events, operations, or programming cancellations or modifications.
MARBIDCO Pandemic Adjustment Equipment Grant Fund Program
The Maryland Agricultural & Resource-Based Industry Development Corporation has several opportunities for grants for Maryland agricultural businesses negatively affected by the Coronavirus.
Not all grant programs are open, though some may reopen if more funds become available in the future. Check this link to learn more about:
- Local Government Cost Share Grant
- MD Urban Agriculture Commercial Lending Incentive Grant
- MD Value-Added Producer Matching Grant
- MD Value-Added Producer Grant (Capital Assets Option)
- Upper Shore Regional Council Farm Incentive Fund
Helping You Find the Right Grant or Funding
If the options seem overwhelming, that’s because there are many opportunities available for struggling small businesses in light of the Coronavirus COVID-19 pandemic.
Not sure where you should apply and what’s in the best interest of your small business? Contact the knowledgeable bookkeepers and accountants today at JStevens Accounting in Annapolis, Maryland. We can help you sort through the options available to determine what fits your business needs the most.