Annapolis, MD – Governor Wes Moore announced a new $10 million grant initiative aimed at revitalizing Maryland’s business corridors and bolstering small businesses.
The initiative includes the Maryland Department of Housing and Community Development’s Project Restore 2.0 and Business Boost grant programs. This funding is designed to reinvigorate vacant spaces within business districts, assist small businesses in their start-up or expansion efforts, create jobs, and enhance local economic activity, ultimately bolstering Maryland’s competitiveness.
Project Restore 2.0 will allocate $8 million towards revitalizing designated Main Streets, Arts and Entertainment Districts, and other areas within Sustainable Communities. Grants of up to $300,000 will be awarded to organizations targeting priority vacant storefronts or buildings for redevelopment. These organizations will then provide sub-grants to businesses for rental assistance, renovations, and equipment purchases, with a deadline for businesses to become operational by December 2025.
Additionally, the Business Boost program will introduce its first round of direct grants to small business owners, totaling $2 million. Eligible businesses, either new or expanding within designated Sustainable Communities, can receive grants ranging from $20,000 to $50,000. Special consideration will be given to minority-owned businesses, home-based businesses moving to commercial locations, and those that are innovative or capable of leveraging educational partnerships to stimulate local economic growth.
This comprehensive approach aims to strengthen Maryland’s economic foundations by supporting local businesses and revitalizing community centers.