The second cycle of the program will provide $25 million in incentives
More than 350 companies received project restoration assistance
Annapolis, MD– Governor Larry Hogan today announced the opening of the second round of applications for Project Restore, an economic stimulus initiative that provides financial incentives to small businesses and commercial developers to revitalize vacant commercial and retail space .
Under Project Restore, the Maryland Department of Housing and Community Development will administer $25 million in lease and operating grants to new and expanding small businesses in Maryland to help with start-up costs and encourage business investment in vacant spaces. Launched last year by Governor Hogan, Project Restore has already helped more than 350 Maryland businesses.
“The restoration project has been a great success and is essential to keeping Maryland open for business and contributing to a robust recovery from the COVID-19 pandemic,” Governor Hogan said. “This next round of grants will continue to support small businesses, create jobs and spur economic growth, and revitalize main streets and commercial and industrial districts across Maryland.”
Project Restore is offering two grant opportunities for businesses, including nonprofits, that are expanding, relocating, or opening in a property that was previously vacant for at least six months.
The Property Assistance Grant provides up to $30,000 for one year to cover costs associated with rent, mortgage payment or property improvements, as applicable.
The Business Operations Grant provides up to $250,000 per calendar year to cover capital costs such as property improvements and equipment, as well as operating costs such as staff salaries, marketing and inventory.
“In its first round of applications, the demand for assistance with the restoration project quickly exceeded supply,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. “This new round of assistance will provide significant resources to help small businesses in Maryland grow and thrive.”
Applicants can apply for restoration project assistance starting today, Thursday, July 7, 2022. Applicants are encouraged to apply as soon as possible as applications will be reviewed on a first come, first served basis.
Apply for a restoration project grant.