Maryland Small Business COVID-19 Emergency Relief Grant Fund:

Grants up to $10,000 not to exceed 3 months of cash operating expenses for Maryland businesses and nonprofits impacted by the COVID-19 with 50 or fewer employees

Loan eligibility:

  • Business must be established prior to March 9, 2020
  • Business must be in good standing
  • Annual Revenues of the business or nonprofit not to exceed $5 million as evidenced by Financial Statement or other financial documentation
  • Business or nonprofit is expected to seek longer term funding through its bank, SBA, or other source
  • Eligible uses include: working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations.
  • Business or non-profit must demonstrate financial stress or disrupted operations, which may include but are not limited to:
    • Notices from tenants closing operations and not paying rent caused by loss of income
    • Notice of inability to make loan payments due to reduced sales, suspended operations
    • Increased cost related to COVID-19 prevention measures.
    • Notice of disrupted supply network leading to shortage of critical inventory or materials.
    • Other circumstances subject to review on a case by case basis.

If you are interested in applying, here is the online application.

Here is our  Maryland Small Business COVID-19 Emergency Relief Grant Fund step by step guide

Maryland Small Business COVID-19 Emergency Relief Loan Fund:

Loans up to $50,000 (not to exceed three months of cash operating expenses) open to Maryland businesses impacted by the COVID-19 with fewer than 50 employees.

Loan information:

  1. 0% for the first 12 months, and 2% for the remaining 36 months.
  2. Deferral of any payments for the first 12 months, and straight amortization beginning in the 13th month through the 36th month.

Eligibility Requirements:

  • Business must be established prior to March 9, 2020 and in good standing.
  • Two years of historical financial statements and most recent interim statement to benchmark revenue against (if available).
  • Six month pro forma of estimated lost revenue or other documented loss evidence.
  • Minimum personal credit score of 575.
  • No collateral requirements.
  • Eligible uses include: working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations.
  • Business or non-profit must demonstrate financial stress or disrupted operations, which may include but are not limited to:
    • Notices from tenants closing operations and not paying rent caused by loss of income
    • Notice of inability to make loan payments due to reduced sales, suspended operations
    • Increased cost related to COVID-19 prevention measures.
    • Notice of disrupted supply network leading to shortage of critical inventory or materials.
    • Other circumstances subject to review on a case by case basis.

If you are interested in applying, here is the online application.

For instructions on applying, please visit our Maryland Small Business COVID-19 Emergency Relief Loan Fund step by step guide

Maryland COVID-19 Emergency Relief Manufacturing Fund:

Grants of up to $100,000 will be made available to manufacturers to 1) increase existing capacity to produce these critical need items or 2) quickly pivot operations to produce these critical need items.

Grant awards will vary based on the applicant’s total investment.

Eligibility requirements:

Applicants must be an established Maryland business and demonstrate experience, technical expertise and financial stability to implement the proposed project.

Eligible costs include but are not limited to capital expenses such as machinery and equipment, raw materials needed for production, and operating expenses associated with increased production.

Please note, funding decisions will be made based on a variety of evaluation criteria, including but not limited to technical capability, operational experience, and the priority purchasing needs of the State of Maryland, with priority given to the product areas of greatest need within the Maryland healthcare system.

Funds will be disbursed as follows: 50% at notice of award, with remaining 50% paid upon completion with proof of expenses.

If you are interested in applying, please fill out the online application. 

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Maryland residents. More details on the loan provided at the top of the page. For more info please visit MD 16376 – SBA Offers Disaster Assistance to Maryland Small Businesses Economically Impacted by the Coronavirus (COVID-19)