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Small Business Resiliency Micro-grants

March 26, 2020 / / Uncategorized

Small Business Resiliency Micro-Grant

A micro-grant program activated by funds from the Department of Economic Development to assist small businesses in The City of Frederick impacted by the COVID-19 pandemic and affiliated State Executive Orders *

Program Overview: 

  • One-time grant award of $2,500 with no repayment due (This is not a loan)
  • Limited to one award per business entity
  • Eligible grant uses: building rent; mortgage payments; utilities

Criteria for Eligible Businesses: 

  • Must be a registered business entity in good standing with the State of Maryland
  • Have physical establishment within The City of Frederick
  • Have no more than 15 Full-Time employees (as of March 1, 2020)
  • Engaged in activities currently regulated or impacted by the COVID-19 Maryland’s State of Emergency and have a license/permit associated to that regulation
  • Have no pre-existing tax liens or legal judgements
  • Demonstrate a loss of business revenue of 50% or more related to COVID-19
  • The following entities are NOT eligible:
    • Home-based businesses
    • Churches
    • Non-profit organizations
    • Banks & financial institutions
    • Investment real-estate entities
    • Food trucks
    • Government agencies

Application and Review: 

  • Applications are available online here.
    • A PDF version of the application is available by request.
  • Applications will be processed on a first come, first serve basis – with five initial grants designated for each City business district (North, South, East, West, & Downtown) through April 15, 2020. After April 15, micro-grants will be awarded to eligible businesses in order of application submission, regardless of business location.
  • Applications will be reviewed by the Department of Economic Development staff.

Additional Information: 

  • This funding CAN be combined with other funding sources, tax credit programs, and state grant or loan programs.
  • Awardees will be required to complete a disbursement form and must be able to produce receipts.
  • Awardees will agree to report basic employment and business data for up to 2 years after the grant is issued so the program can track progress and success.
  • Private donations to assist this program can be made through the Community Foundation’s Economic Development Fund.
  • Awardees consent to be included in marketing and promotional materials.

Questions?

Contact the Department of Economic Development at 301-600-6360 or at business@cityoffrederickmd.govfor additional information.

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Maryland Small Business Relief Programs

March 24, 2020 / / Uncategorized

Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by the Coronavirus (COVID-19). This emergency assistance provides interim relief and proceeds that can be used to pay cash operating expenses including payroll, suppliers, rent, fixed debt payments and other mission critical cash operating costs.

If you are a Maryland-based business impacted by the Coronavirus with under 50 full- and part-time employees, or a Maryland manufacturer, check out the programs at the following link: https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-fund-programs

**
The State of Maryland has also announced a new “COVID-19 Layoff Aversion Fund” designed to support businesses undergoing economic stresses due to the pandemic by preventing or minimizing the duration of unemployment resulting from layoffs. The award (up to $50,000 per applicant), will be a quick deployable benefit and customizable to the specific needs of your business to minimize the need for layoffs.
More information can be found here:http://www.labor.maryland.gov/employment/covidlafund.shtml

— with Frederick Innovative Technology Center, Inc., Frederick County Workforce Services, East Frederick Rising, Frederick County Chamber of Commerce, Golden Mile Alliance, Fort Detrick Alliance, Downtown Frederick Partnership and Techfrederick at The City of Frederick.

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Small Business Emergency Loans

March 21, 2020 / / Uncategorized

We’ve been notified that Frederick County businesses and nonprofits are now eligible to apply for emergency loans through the Small Business Administration (SBA). This program designation recognizes the catastrophic impact that shutdowns are having resulting from the Coronavirus pandemic.

This program, administered by the SBA, offers emergency loans at a deeply discounted interest rates for businesses and nonprofits covered by national declarations. Currently, Frederick County is covered because of our contiguous border with PA and VA, but a statewide declaration is also anticipated for all of Maryland.

Unlike other situations, a business does NOT need to have been turned down by a commercial lender in order to apply.

The process takes some patience and time, but for our members struggling with both short and long term financial issues through no fault of their own, this program could offer critical assistance.

Please go https://disasterloan.sba.gov/ela/ to  begin the process.

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City of Frederick – Business Impact Survey

March 21, 2020 / / Uncategorized

Golden Mile Business Community:

Help the City of Frederick help you in these challenging times. Please take the time to complete the following survey to help the The City of Frederick more accurately assess the effects of COVID-19 on our local economy. The responses to this survey will help us quantify the impact and shape local strategies for mitigation & assistance.

The Business Impact Survey can be found at https://www.businessinfrederick.com/FormCenter/Contact-Us-4/COVID19-City-Business-Impact-Survey-48.

We appreciate your continued dedication to our community during these challenging times!