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Maryland launches $25 million grant program to turn vacants into businesses

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Posted at 12:25 PM, Sep 09, 2021
and last updated 2021-09-09 12:26:14-04

ANNAPOLIS, Md. — Maryland is launching a $25 million initiative that offers grants to those who plan on using vacant spaces to open or expand their business.

It's called Project Restore.

Applications are being accepted now through October 8 at 5pm, unless grant requests exceed available funding.

There are two types of grants being offered.

A $30,000 Rental Assistance Grant which covers $2,500 monthly rent payments for one year for qualified small business with 50 or fewer employees.

The Business Operations Grant awards $250,000 for one or two years for businesses that generate sales and use tax. Those funds can be used for staff costs, capital improvements, marketing, inventory, supplies, and utilities. It cannot be used for executive salaries or bonuses.

Payments would be made quarterly and based on sales and use tax generated by and submitted to the state in 2022.