The Department’s Economic Development Administration (EDA) is awarding $3.4 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across Maryland.
The EDA investments announced are:
- Baltimore County DED, Towson, Maryland, will receive a $1.6 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Baltimore County.
- Tri-County Council for Western Maryland, Frostburg, Maryland, will receive a $1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Allegany, Garrett, and Washington counties.
- Maryland Department of Commerce, Baltimore, Maryland, will receive a $770,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses across Maryland.
EDA CARES Act Recovery Assistance is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) program.
