A number of small businesses in parts of Maryland could be receiving financial assistance through the CARES Act, as the coronavirus pandemic continues.
The U.S. Department of Commerce said its Economic Development Administration is awarding $3.4 million in CARES Act Recovery Assistance grants as “revolving loan funds” aimed to provide “critical gap financing” across Maryland to small businesses and entrepreneurs negatively impacted by the pandemic.
“These investments will provide small businesses across Maryland with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future,” said Secretary of Commerce Wilbur Ross.
The investments are for the following EDA revolving loan fund grantees:
- , will receive a $1.6 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Baltimore County.
- , Frostburg, Maryland, will receive a $1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Allegany, Garrett, and Washington counties.
- , will receive a $770,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses across Maryland.
鈥淭hese investments come at a crucial time to help Maryland鈥檚 and our nation鈥檚 economy come roaring back and provide hard-working Americans with new opportunities,鈥� said Dana Gartzke, who performs the delegated duties of the Assistant Secretary of Commerce for Economic Development.
“EDA is pleased to invest these CARES Act funds so that Maryland businesses have access to capital to respond to and recover from the coronavirus pandemic.”
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