Maryland’s Project Restore grants program is now accepting applications for new or expanding businesses for a second round of grant funding totaling $25 million.
The Maryland Department of Housing and Community Development will award $25 million from the state’s Project Restore program via rental and operational grants to new and expanding small businesses. The funds are intended to assist with startup costs and to incentivize commercial investment in vacant spaces.
Project Restore is “an economic recovery initiative that provides financial incentives for small businesses and commercial developers to revitalize vacant retail and commercial space.” Launched last year, the program has reportedly assisted more than 350 Maryland businesses.
The program provides two grant opportunities for businesses, including nonprofits, that are expanding, moving to, or opening in a property that was previously vacant for at least six months:
- The Property Assistance Grant provides up to $30,000 for one year to support costs associated with rent, mortgage payment or property improvements as applicable.
- The Business Operations Grant provides up to $250,000 per calendar year to support capital costs like property improvements and equipment, as well as operating costs such as staff salaries, marketing, and inventory.
Applicants are encouraged to apply as soon as possible as applications will be reviewed on a first come, first served basis.