The Economic Development Administration awarded the State of Maryland a $1.6 million grant made available through the American Rescue Plan Act.
The federal funding will go towards the Maryland Economic Adjustment Fund (MEAF), administered by the Maryland Department of Commerce, and will assist underserved small businesses across the state.
The MEAF revolving loan fund will serve businesses unable to qualify for traditional financing or lending sources. According to the EDA, this investment could help create 250 new jobs and generate a private investment of $210,000 in Maryland.
Commerce will prioritize funding for small businesses in Baltimore City and Maryland’s rural regions.