Governor Hogan Announces Project Restore Now Accepting Additional Applications from New or Expanding Maryland Businesses
Second Round Of Program Will Provide $25 Million In Incentives More Than 350 Businesses Have Received Project Restore Support
ANNAPOLIS, MD–Governor Larry Hogan today announced the opening of the second application round for Project Restore, an economic recovery initiative that provides financial incentives for small businesses and commercial developers to revitalize vacant retail and commercial space.
Through Project Restore, the Maryland Department of Housing and Community Development (DHCD) will administer $25 million in rental and operational grants to new and expanding Maryland small businesses to assist with startup costs and incentivize commercial investment in vacant spaces. Launched last year by Governor Hogan, Project Restore has already assisted more than 350 Maryland businesses.
“Project Restore has been a great success and critical to keeping Maryland open for business and contributing to a robust recovery from the COVID-19 pandemic,” said Governor Hogan. “This next round of grants will continue to support small businesses, create jobs, and economic growth and revitalize Maryland’s main streets and commercial and industrial districts.”
Project Restore provides two grant opportunities for businesses, including nonprofits, that are expanding, moving to 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 support costs associated with rent, mortgage payment or property improvements as applicable.
The Business Operations Grant provides up to $250,000 per calendar year to support capital costs like property improvements and equipment, as well as operating costs such as staff salaries, marketing, and inventory.
“In its original application round, demand for Project Restore assistance quickly outpaced supply,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. “This new round of assistance will provide important resources to help Maryland’s small businesses grow and thrive.”
Applicants can apply for Project Restore assistance beginning 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.