$400K Grant Program to Support Minority-Owned Businesses

Access to capital has long been a big barrier for minority and women-owned small businesses. To help overcome this obstacle, the town of Frederick, Maryland, has introduced a brand new grant program that provides $400,000 in total funding. The initiative goals to provide much-needed capital to each start-up and established businesses to help them grow and expand.

Eligible businesses can apply for grants of up to $40,000. The city announced that priority will likely be given to businesses positioned inside city limits, in addition to minority- and women-owned businesses. The program goals to create a more inclusive and equitable business environment in Frederick by helping to level the playing field for underrepresented entrepreneurs.

Potential beneficiaries should act as soon as possible, as the applying period is closed and can end on August 12 at 5:00 p.m. Interested corporations can obtain more details and apply Here.

“We are pleased to introduce the ACCESS GRANTED program as a key step toward creating a more equitable and thriving business community in Frederick.” he stated Richard Griffin, director of the Department of Economic Development.

Mayor Michael O’Connor said, “Minority- and women-owned businesses have historically faced systemic barriers that prevent them from obtaining the financial resources they need to grow and thrive.”

Grants should be used for specific purposes, resembling increasing revenue, increasing profits, and improving services or products capabilities for the business. Qualifying reasons for applying for funding include covering the price of apparatus, renovations, inventory, web site design, marketing, and other business-related expenses.

A grant is frequently money given to businesses that need funding to support growth, expansion, hiring, and other functions. One of the important thing advantages of a grant is that it often doesn’t have to be repaid, unlike a loan. However, applying for grant funding could be time-consuming for a business, and the eligibility requirements could be strict.