(Annapolis, MD) —Governor Wes Moore has unveiled a major initiative for small businesses across Maryland, announcing $10 million in grants aimed at boosting local economies. The funding, which is part of the Maryland Department of Housing and Community Development’s Project Restore 2.0 and Business Boost grant programs, will assist in revitalizing vacant spaces in business corridors, provide financial assistance for small businesses, generate employment opportunities, and stimulate local economic activity.
“When storefronts close down, our entire state feels it. Now is the time to work in partnership with the private sector to revitalize our business districts, and that's what this grant funding is about,” said Gov. Moore. Together, we will continue to make Maryland more competitive by moving in concert with entrepreneurs and small businesses – not in conflict with them.”
Project Restore 2.0 will allocate $8 million to designated Main Streets, Arts and Entertainment Districts, and other economic development organizations within designated Sustainable Communities. Eligible organizations will receive grants of up to $300,000 to identify priority vacant storefronts or buildings in local business districts. The funds will then be sub-granted to businesses for rental assistance, renovation, and equipment to activate these spaces. Businesses receiving sub-granted funds will have until December 2025 to open.
Business Boost is launching its first round of grant funding with $2 million directly awarded to eligible small business owners. Grants ranging from $20,000 to $50,000 will be given to businesses that are new or expanding and located in designated Sustainable Communities. The governor’s office says, “Preference will be given to businesses that are home-based and seeking their first commercial location, are designated as a Minority Business Enterprise, that are innovative, focused on regional strengths to grow local economies, or leverage partnerships between school districts or other education institutions in Maryland.”
Department of Housing and Community Development Secretary Jake Day says, "By strengthening the successful Project Restore grants to fill storefronts on Maryland main streets and launching Business Boost, we are building on what we know to be the best way to help grow Maryland communities’ economies: from the center out, empowering locally-owned businesses, and bringing life back to vacant storefronts. These grants are just the beginning of the department's renewed efforts to double down on the hearts of our cities and towns, maximizing the positive impact of our funding to create lovable places and help businesses choose to set up shop in Maryland."
Applications for both Project Restore 2.0 and Business Boost will open on March 13. For more information on either grant opportunities, visit the Maryland Department of Housing and Community Development website.