Maryland has awarded over $24 million to 376 local businesses to revitalize downtowns and main streets in all twenty four counties.
The State has awarded 376 businesses through Project Restore a total of over $24.5 million through, including $8.8 million in property assistance grants and $15.7 million in business operations grants.
Project Restore, launched in 2021, is an economic recovery initiative operated by the Department of Housing and Community Development (DHCD) that provides financial incentives for small businesses to revitalize vacant retail and commercial spaces. Through Project Restore, the Department offers property assistance and operational grants to support startup and expansion costs and incentivize private investment in vacant spaces.
According to a press release:
Approximately 2,520 jobs will be created by the businesses awarded funding. Of those awarded grants this round, 301 are minority-owned businesses and 206 of those are women-owned businesses. An additional 20 businesses are veteran-owned businesses. By jurisdiction, the three jurisdictions receiving the most awards are Baltimore City (104), Prince George’s County (37), and Anne Arundel County (30).
These projects will revitalize currently vacant properties to active use as:
- 119 office spaces
- 110 retail spaces
- 61 restaurants
- 41 manufacturing/industrial spaces
- 44 other uses, such as event space, breweries, salons and indoor recreation.
Notably, more than 120 of the vacant properties are located in Maryland’s Opportunity Zones and 48 are in the state’s designated Main Street Maryland districts. In total, more than 725 businesses have now been awarded grants through Project Restore since its start in 2021.
