The Baltimore Neighborhood Basis (BCF), in partnership with the Higher Baltimore Committee (GBC) and three area people improvement organizations, has launched the Key Bridge Small Enterprise Direct Grant Program to supply monetary aid to companies severely impacted by the Francis Scott Key Bridge collapse. Funded by BCF’s Maryland Powerful Baltimore Sturdy Key Bridge Fund, the initiative prioritizes companies in Southeastern Baltimore Metropolis, Southeastern Baltimore County, and Northern Anne Arundel County.
The grant program, which opened for purposes on February 18 and runs via March 20, affords grants starting from $10,000 to $50,000 to stabilize operations, assist companies pivot, and assist long-term viability. A 30-day overview interval will comply with the applying deadline.
“Because the spine of our communities, small companies within the impacted communities have felt immense monetary pressure because the Key Bridge collapse,” stated BCF President and CEO Shanaysha Sauls. “This program is designed to present them the working capital they should adapt and proceed contributing to the financial vitality of our area.”
Funding and Background
Established inside 48 hours of the Key Bridge collapse, the Maryland Powerful Baltimore Sturdy Key Bridge Fund has raised $16 million from nationwide, regional, and native companies and particular person donors. The fund has offered money help to Port of Baltimore staff, charitable organizations, and neighborhood packages supporting these affected. The newest section shifts focus to direct small enterprise assist.
“The collapse of the Francis Scott Key Bridge on March 26, 2024 considerably affected small companies all through the impacted areas of Baltimore Metropolis, Baltimore County, and Anne Arundel County” stated GBC President and CEO Mark Anthony Thomas. “The institution of right now’s Key Bridge Small Enterprise Direct Grant Program might be instrumental in supporting the small companies and wholesome business corridors which can be central to a powerful regional financial system.”
Eligibility and Utility Course of
Eligible companies should reveal monetary influence from the bridge collapse and meet the next standards:
- Situated in Southeastern Baltimore Metropolis, Southeastern Baltimore County, or Northern Anne Arundel County.
- Operational for a minimum of two years as of March 26, 2024, with a minimal annual income of $50,000 in one of many prior two years.
- Present a 2023 revenue and loss assertion, a year-end 2024 steadiness sheet, and a 2024 revenue and loss assertion.
- Make use of a minimum of two individuals, together with the proprietor(s).
Companies should apply via designated companion organizations, which is able to help candidates in English and Spanish:
- Anne Arundel County Financial Improvement Company (AAEDC) – for companies in Anne Arundel County.
- Baltimore Neighborhood Lending (BCL) – for companies in Baltimore Metropolis.
- Latino Financial Improvement Heart (LEDC) – for companies in Baltimore County.
Continued Help for Small Companies
Along with direct grants, BCF continues to assist small enterprise improvement via different funding initiatives. In September 2024, BCF and GBC launched a technical help program to assist small companies construct capability. Nonprofits providing these companies are inspired to use for funding at bcf.org/keybridgesmallbusiness.
Governor Wes Moore praised the initiative, stating, “IIn Maryland, we transfer mission-first, people-always. After the collapse of the Key Bridge, we labored in partnership with leaders throughout the private and non-private sectors and all ranges of presidency to guard and uplift our small companies. And right now, we take one other step ahead in our dedication to that pledge.”
For extra data on the Key Bridge Small Enterprise Direct Grant Program and software particulars, go to bcf.org/keybridge-directgrant-smallbiz.
