The Baltimore Women's Business Center can assist with identifying financing during the COVID-19 pandemic and recovery period. Contact us to help you determine options for you.
Financing is the process of providing funds for business activities, making purchases or investing. Traditional financing is provided through financial institutions such as banks are in the business of providing capital to businesses, consumers, and investors to help them achieve their goals. Alternative financing activities are programs supported by the Small Business Administration, state and local governmental entities, and non profits like community development financing institutions crowdfunding, revenue-based financing, online lenders, peer-to-peer consumer and business lending, and invoice trading third party payment platforms.
Maryland Announces New COVID-19 Assistance Funding
$50 Million in Additional Assistance for Small Businesses
* $45 million will be allocated to expand the Maryland Small Business COVID-19 Emergency Relief Grant Fund. This program, which awards grants of up to $10,000 to businesses of 50 or fewer employees, has provided more than $40 million in funds to 4,073 applicants. These additional resources will be used to help pending applicants.
* $5 million will be allocated to the Maryland Small Business Development Financing Authority to provide financing to businesses owned by economically and socially disadvantaged entrepreneurs. MSBDFA uses include working capital, supplies and materials, machinery and equipment acquisition, land acquisition, or real estate improvements.
$50 Million for the Maryland Nonprofit Recovery Initiative
$50 million to establish the Maryland Nonprofit Recovery Initiative, which will help organizations address the revenue reductions and expense increases that are due to the economic and safety impacts of the COVID-19 pandemic. The goal of the initiative, which will be operated by the Department of Housing and Community Development (DHCD), is to help stabilize and sustain a range of nonprofit operations, including affordable housing and disability nonprofits. ·
* Of this $50 million, up to $8 million will be allocated to nonprofit applicants that have already applied for relief through the Maryland Small Business COVID-19 Emergency Relief Grant Fund.
* Of this $50 million, $3 million will be awarded through the Maryland State Arts Council’s (MSAC) Emergency Grant Program. In response to the COVID-19 State of Emergency, MSAC has created special grant opportunities that provide emergency funding to arts organizations and artists for losses sustained because of programming, operations, and events that have been modified or cancelled.
$90 Million for Higher Education
Up to $90 million will be allocated to reimburse state-supported universities for COVID-19 related expenses, including support for their public safety activities.