Funding & Incentives Maryland COVID-19 Emergency Reduction Fund Packages for

NOTES: 

  • As of April 21, Maryland Commerce is not accepting purposes for its Emergency Reduction Manufacturing Fund. All purposes are presently being reviewed.
  • As of April 6, Commerce is not accepting new purposes for its COVID-19 Small Enterprise Reduction Grant and Mortgage Packages. All purposes which have been submitted are presently being reviewed within the order acquired. 
  • As of August 24, Maryland Commerce is not accepting purposes for its Emergency Reduction Grant Fund for 501(C)(6) Nonprofits. 
  • Learn our COVID-19 Emergency Reduction Fund Program FAQs for extra details about the second spherical of funding.

We encourage companies all through Maryland to proceed exploring different types of help, reminiscent of federal and native applications. Go to our often up to date Maryland Coronavirus (COVID-19) Data for Enterprise web page to find out about COVID-19 assets and monetary help applications. For extra data on federal assets, learn the Small Enterprise Proprietor’s information to the CARES Act, or discover extra particulars from the U.S. Division of the Treasury.

MSBDFA COVID-19 Emergency Reduction Mortgage Fund

Starting July 20, 2020, this MSBDFA Fund gives emergency monetary reduction to companies which have skilled financial hardship as a result of COVID-19 pandemic disaster with low rates of interest and low documentation loans to eligible Maryland companies. 5-year time period loans starting from $25,000 to $200,000 shall be obtainable with an rate of interest of  0% for the primary 12 months and a pair of% for the remaining time period of the mortgage. Click on right here for program particulars and tips.

In July, 2020, MEAF acquired an award of CARES Act Supplemental funds from U.S Financial Growth Administration. The target of the award is to assist small companies “stop, put together for, and reply to coronavirus” or reply to “financial damage on account of coronavirus.” Time period loans starting from $25,000 to $150,000 shall be obtainable with an rate of interest of 4% and as much as 15 years to repay, relying on the challenge.

Program hyperlinks (not accepting purposes):

The next lists include the names of recipients of our Maryland Small Enterprise COVID-19 Emergency Reduction Grant & Mortgage Funds and our Maryland COVID-19 Emergency Reduction Manufacturing Fund as of September 11, 2020.

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