The federal government offers grants and loans on the national level. And, they are issued through the Small Business Administration for Coronavirus relief. But, take note that the state of Maryland also has programs available.
Having your business books in order before applying is the key to a smooth application process. Also, it increases your chances of getting approved and funded. Therefore, 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. Remember, this list is not a complete list of grant and funding options in the state. Also, many other options may be available to you.
Maryland COVID-19 Emergency Relief Grant Fund
The Emergency Relief Grant Fund provides up to $10,000 to Maryland small businesses with 50 or fewer employees negatively affected by COVID-19. However, the amount granted cannot exceed three months of cash operating expenses.
Though Governor Hogan provided more funding to this program in October 2020, they are not accepting new grant applications at this time. They are still disbursing funds 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. It provides 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. So, 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. Additionally, it’s available for expanding a business into one of these zones. This program offers $10,000 to $50,000 to qualifying companies. And the total amount available, is $500,000.
The Opportunity Zones are mainly in:
- Allegany County
- Garrett County
- Somerset County
- Wicomico County
MSAC Emergency Grant Program
The Maryland State Arts Council received an additional $3 million allotment. However, this grant will take applications until funds are exhausted on a first-come, first-served basis. So, independent artists and arts organizations are encouraged to apply. Especially 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. And, these grants are 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. So, check this link to learn more about:
- Local Government Cost Share Grant
- The MD Urban Agriculture Commercial Lending Incentive Grant
- Maryland Value-Added Producer Matching Grant
- The 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. Also, it’s confusing for struggling small businesses in light of the Coronavirus COVID-19 pandemic.
Do you feel like you’re not sure where you should apply and what’s best for your small business? If so, contact our knowledgeable bookkeepers and accountants today at JStevens Accounting in Annapolis, Maryland. We can help you sort through the options to figure out what fits your business needs.