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Department of Housing and Community Development

Hogan Administration’s Maryland Business Recovery Program So Far Has Approved 18 Loans, Totaling $555,000

Governor Larry Hogan and Secretary Kenneth Holt on Monday announced new resources for Baltimore neighborhoods.

Governor Larry Hogan and Secretary Kenneth Holt on Monday announced new resources for Baltimore neighborhoods.

Baltimore – DHCD’s Maryland Business Recovery program, launched in the aftermath of the recent civil unrest in Baltimore to help small businesses rebuild and grow, has received 25 loan requests to date, totaling $805,000. DHCD has approved 18 of those for a total of $555,000.

The program’s quick response to the crisis comes as Governor Larry Hogan on Monday announced even more state aid to the city: $3.3 million to provide Baltimore youth with summer job opportunities and work experience and $4.15 million for business recovery loans, homeownership assistance programs and targeted assistance for significant façade improvements. Learn more.

The funding for both initiatives, which are on Wednesday’s Board of Public Works agenda for final approval, was announced at the ribbon cutting for the Martin Luther King, Jr. Recreation Center in West Baltimore.

Through the Maryland Business Recovery Loan program, businesses can receive zero interest loans up to $35,000 through DHCD’s Micro-Enterprise loan program or up to $500,000 through the Neighborhood BusinessWorks program. Learn more about DHCD’s resources for small businesses through Governor Hogan’s Maryland Unites initiative.

The $4.15 million in funds will be distributed in the following manner:

  • $1.5 million for business recovery loans;
  • $500,000 for business façade grants, which could help an estimated 50 businesses;
  • $150,000 for business façade design and implementation (architectural and workforce services); and
  • $2 million for settlement expense grants and down payment assistance loans for new homeowners. This attracts an additional $1 million committed by Baltimore City for deferred payment loans that can be forgiven, achieving $3 million in investments for homeownership, an estimated 300 homeowners at $10,000 each.

Governor Hogan said the civil unrest, though tragic, nevertheless brought out the best in people. “I will never forget the numerous acts of kindness that define this city and state,” he said. “We will continue to rise to the challenges to change Baltimore for the better.”