Baltimore County announced that they have received $1.6 million in additional CARES Act funding to provide low-interest loans to small businesses recovering from the economic fallout brought on by the pandemic.
The Department of Economic and Workforce Development (DEWD) will administer loans in amounts ranging from $50,000 to $250,000 that will provide working capital to help offset cash shortfalls resulting from COVID-19 business closures and contractions. Approved borrowers may use the funds for a range of needs including supporting payroll, acquiring equipment and inventory, reconfiguring existing or new space to meet Coronavirus guidelines, capital improvements, and more.
DEWD expects to begin processing loan applications within the next several weeks. Businesses that are interested in learning more about the loan program are encouraged to contact the business development team at email@example.com.
I would like to thank County Executive Johnny Olszewski Jr. for his leadership during this time and securing these very essential funds.