Disadvantaged businesses that are based in Maryland can get free grants or interest free loans. There is financial help, ongoing support (including coaching or counseling), technical assistance (marketing, sales help, etc.) and much more for minorities and women owned companies. Find free small business grants or loans in MD near you.
The assistance, including from the government, non-profits, banks, or corporations, is for small to mid-sized businesses as well as startup companies. A focus is on the disadvantaged, including veterans, LGBTQ, Black or Latino owned, Asian companies, and others. However, any business in Maryland can apply for funds or technical help.
The list of grant programs, loans, government assistance programs and other resources listed below is updated daily. Most of the funds are paid out to qualified applicants on a first come-first served basis, with priority to MWBE as well as BIPOC owned business – meaning women, people of color, Black, Latino and veteran companies. However referrals and counseling can also be arranged.
Find Maryland grant and loan programs for minorities and women owned businesses
Any business can apply, regardless of gender, race, age, or ethnicity. All of the charities, lenders, or government agencies will allocate some of the funds to female owned companies as well as minorities. Or it is possible to attend free workshops, classes, networking events, and other small business development programs.
October and November 2024
No-interest loans are offered by the state to veterans, women, and minority owned businesses. There are multiple programs including Military Personnel and Veteran-owned Small Business Loan Program as well as 0% APR loans from the Maryland Small Business Development Financing Authority. All of the assistance programs are focused on helping small businesses grow and expand as well as hire people. Get more details here https://commerce.maryland.gov/fund/programs-for-businesses/mpvolp and here https://commerce.maryland.gov/fund/programs-for-businesses/msbdfa
August and September 2024
The Maryland Tough Baltimore Strong Key Bridge Small Business Support Grants is for non-profits that are focused on helping the community redevelop. The Greater Baltimore Committee and Foundation are providing the funds with a goal of helping non-profits that are focused on economic revitalization. Other support is offered to with a focus on disadvantaged businesses. Apply here. https://bcf.org/maryland-tough-baltimore-strong-key-bridge-fund/
Access Granted program in the city of Fredericksburg is for MWBE-owned businesses. In total about $400,000 will be provided to multiple businesses, with up to 40K provided to each qualified business. The money can be used for qualified costs, such as construction, website development and other approved bills. Get details here from Economic Development office. https://businessinfrederick.com/249/ACCESS-GRANTED
July 2024
$20,000 grants are being provided to small businesses owned by people of color. BGE (Baltimore Gas and Electric) is providing the money to MWBE, Black women, Latino and other disadvantaged businesses that are currently in operation. Hello Alice, the non-profit lending platform, is also working with BGE on the program. Get details on the 2024 version of the BGE Energizing Small Business Grant program https://helloalice.com/grants/bge/
March and April 2024
Baltimore area businesses can get free SBA loans, if they were impacted by the Francis Scott Key Bridge disaster. There are funds to help them recover and pay operating expenses during this time frame, with many minority, immigrant and local businesses able to apply. Learn more here including finding ways to apply. https://www.sba.gov/article/2024/03/30/sba-offers-economic-assistance-mid-atlantic-small-businesses-affected-francis-scott-key-bridge
Frederick County businesses, that are underserved (minority, women, LGTBQ+, veteran owned, etc.) can apply for $10,000 loans from the EmPOWER Loan Program. Applications are processed by the Frederick County Division of Economic Opportunity. The funds are only for business owners that have gone through the free EmPOWER Mentor Program, and learn more here. https://businessinfrederick.com/
Small businesses will get grant money from the Business Boost program as well as state of MD Department of Housing and Community Development’s Project Restore 2.0. The dollar amount provided is up to $50,000, with funds also allocated to veteran, minority, and women owned businesses to help them expand. Millions of dollars in aggregate grants will be provided, and learn more here. https://news.maryland.gov/dhcd/2024/02/21/governor-moore-announces-10-million-for-small-business-grants-to-strengthen-local-economies-across-maryland/
February 2024
Government grants are available for Allegany County and Cumberland small businesses. The money is only for businesses with a physical location downtown, as the money is intended to help businesses stay and grow in the city of Cumberland. Learn more here. https://gov.allconet.org/
December 2023 and January 2024
Snow Hill Area Chamber of Commerce is providing free government grants to small businesses, entrepreneurs, and local companies as part of an economic Development program. A focus of the money is on businesses with a physical location in the town, with some grant money allocated to veterans, women, and minority owned companies in Snow Hill. Learn more here. https://www.snowhillchamber.com/2024-member-grant
September 2023
Black owned businesses with a storefront/retail location (or that need one) can get financial help, grants, and help with a location from the MCB Real Estate, Downtown Partnership and the Downtown BOOST Harborplace Local Tenancy Program. A combination of retail slots for a store and grant money is provided. Learn more here. https://godowntownbaltimore.com/boost-harborplace/
May and June 2023
The Washington County Department of Business and Economic Development is using American Rescue Plan Act (ARPA) funds to help small businesses. The financial assistance is known as the Small Business Impact Grant program. Free government grant money, with some funds reserved for veterans, LGTBQ+, women and minority businesses. More details here. https://www.washco-md.net/business-development/small-business-impact-grant/
The Cannabis Business Assistance Fund provides free government grants, loans, and other financing to businesses in adult Cannabis industry. The Maryland Department of Commerce is offering funds, working with local counties. There is help for MWBE businesses, licensing, money for capital expenses and more. Apply here. https://commerce.maryland.gov/fund/programs-for-businesses/cannabis-business-assistance-fund
Washington County MD Small Business Impact Grant program will offer free $25,000 using government funds. This is for small businesses, including those owned by veterans and MWBE, that were operating before COVID and that were impacted. The funds will help service companies, restaurants and similar businesses. Learn more here. https://www.washco-md.net/Business-Development/
Baltimore small businesses can get $5,000 grants from Comcast and an assistance program known as RISE, or Representation, Investment, Strength and Empowerment. There is also technology help, marketing assistance and other support. A major focus is on WMWBE owned businesses, and the program will focus on diversity, including, and economic equality. Apply here. https://www.comcastrise.com/
Prince George’s County $10,000 grants are available for businesses impacted by the Purple Line Construction. The county is partnering with companies and lenders on the service, The government money needs to go to pay for employee retention, lost revenue and other expenses. Learn more here. https://fscfirst.com/updates/purple-line-business-assistance-grant-update/
April 2023
Prince George’s County Latino owned businesses can apply to a business accelerator that is offered by Prince George’s County Economic Development Corp. (EDC) as well as M&T Bank. Businesses will be able to be awarded a free grant, receive marketing and technical help, assistance with budgeting and legal needs and more. A wide range of free services are offered. Apply here. https://www.pgcedc.com/latino-business-services
February and March 2023
Black owned farms in Price George’s County can apply for grants of up to $100,000. The program will continued to be rolled out over the year. The USDA, and county, are providing funds to help Black owned farms with a focus on organic and climate focused farmers. The money will help farms owned by people of color, which currently number around 90 in the county, get the financial help they need. Read more on the free USDA grants. https://www.princegeorgescountymd.gov/4569/Climate-Smart-Program
BGE Energizing Small Business Grant is providing free $20,000 grants. The program is run in partnership with Global Entrepreneurship Network as well as Hello Alice. All applicants need to be in the BGE business territory. A major focus is on businesses owned by diverse and/or disadvantaged people, such as the low-income, women, LGTBQ+, veteran, and people of color. Apply here for BGE grant money. https://helloalice.com/grants/bge
The Downtown Partnership of Baltimore’s BOOST (Black-Owned and Occupied Storefront Tenancy) is providing 5 Black-owned businesses in the city with up to $50,000 grants. The money is for businesses with a store-front (physical location). The applicant needs to also live in a defined part of the city, and the application has details. Learn more here. https://www.tfaforms.com/5041860
August and September 2022
Montgomery County Small Business rental assistance grant program is providing up to $10,000 per qualified business. The funds are for small businesses with a physical presence in the county/store front. It is for small or micro-businesses with under 500K in annual revenue and that were impacted by the COVID pandemic. Some funds will be for BIPOC and disadvantaged businesses. Apply here. https://www.ledcmetro.org/small_biz_rental_assistance_phase_2
The state of MD is offering a number of grant and financial assistance programs as part of the State Small Business Credit Initiative (SSBCI). The funds will be disbursed in a number of ways, including venture capital, loans, debt financing, and more. A major focus is on helping businesses in lower income or disadvantaged parts of the state, and many of the recipients will tend to be businesses owned by people of color. Other resources include Maryland Small Business Development Financing Authority, TEDCO, and Neighborhood BusinessWorks. Learn more on the Maryland SSBCI program here. https://dhcd.maryland.gov/Business/Pages/SSBCI.aspx
May, June, and July 2022
Montgomery owned small businesses, that are owned by veterans, women, or people of color, can apply for grants from a $1.5 million fund. The Montgomery County Economic Development Corporation is overseeing the application process as well as disbursement of funds. The money is part of the Lottery disbursement that is being rolled out across Maryland. Find details on the programs, services and other information here. https://thinkmoco.com/
Maryland will be distributing tens of millions of dollars, in the form of free government grants, to small businesses as part of the State Small Business Credit Initiative. A large portion of the money will be provided to underserved and disadvantaged businesses, including minority, women, veteran owned or companies from lower income parts of the state. Both private as well as non-profit businesses in Maryland will be able to apply to the Initiative, and learn more here/apply. https://dhcd.maryland.gov/Business/Pages/SSBCI.aspx
December 2021
Hundreds of Black women owned businesses in Baltimore will be provided free grants of up to $50,000. Reimagine Main Street, The Women Entrepreneur Leadership Lab (WELL), and Facebook/Meta are partnering together to run this financial assistance program. The grants will be for small businesses owned by females of color that have at least $10,000 in revenue. Other criteria are in place too. Apply here. https://www.reimaginemainstreet.org/backing-black-business
November 2021
Small businesses, with a strong priority for veteran, women, and minority on the Eastern shore (such as Anne Arundel County), can apply for either (1) grants or (2) low cost loans. The money is intended to help them recover from COVID as well as the recent floods in the eastern part of Maryland. Some low cost or interest free loans may be issued (up to $50,000) or smaller dollar, free government grant funding. Learn more or apply here. https://commerce.maryland.gov/fund/programs-for-businesses/vlt
May 2021
In addition to the federal government COVID Relief restaurant grant program, each and every city and county has their own financial aid program for restaurants, bars, taverns, breweries, cafes and similar organizations. The Maryland Restaurant Association is one resource to organize the free government grants, and together they are helping small and independent restaurants and food service organizations. Learn more. https://www.marylandrestaurants.com/covid-grants.html
February 2021
Interest free loans are provided to minority owned businesses in Washington County, Maryland from either Bank of Clarke County or First Bank. Multiple lenders are working together as part of the Banking on Diversity program, and the aim is to offer capital for Black, Brown, and BIPOC businesses. Call either of those banks for applications – loans are first come-served.
Black owned businesses considering locating to downtown Baltimore can get financial help from the Maryland Black-Owned and Occupied Storefront Tenancy program. The goal is to encourage development and new opportunities in the city center. Loans or grants may be given to tech companies, restaurants, hospitality companies, beauty companies, and other Black owned companies. Find details here. https://godowntownbaltimore.com/
December 2020 and January 2021
Baltimore Gas and Electric (BG&E) is offering free grants of up to $20,000 to help businesses that have been impacted by COVID-19. The financial assistance program is known as BGE Energizing Small Business Grants. The program will be part of their community initiatives. The grants can help women, veteran, LGBTQ, minority, and other struggling business with a wide variety of bills – not just utility. Apply here. https://www.bge.com/SafetyCommunity/Community/Pages/CommunityInitiatives.aspx
November and December 2020
The state of Maryland emergency rapid response fund is helping small businesses. Up to $100 million dollars will be provided to small businesses, with up to $10,000 per applicant. The funds can help restaurants pay for rent or buy equipment, give capital to travel companies, help the art industry, and other service companies that have been impacted by COVID. A portion of the state of Maryland grants will be paid out to black, women, minority, and veteran companies. There is also funds for unemployment and other bills. Read more. https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-grant-fund
October 2020
Baltimore Business Lending is giving grants to small businesses that located in Baltimore City. There will be free grants provided to up to 30 qualified small businesses. Each qualified applicant will be given up to $10,000. It is for a small to mid sized business that is in operation, and the total revenue needs to be under $750,000 per year. In addition to this program, there are also microloans for start-ups, mentoring for black and Latino businesses, workshops, classes, and free advice. The goal is to help people start and/or grow an existing business. Learn more here. https://baltimorebusinesslending.org/
The Baltimore Development Corporation is providing grants to small businesses in the city. Up to $15,000 will be paid out to each qualified company. Female owned small businesses, Black owned companies, Asians, Veterans, disabled, and other minority groups can apply as can white owned companies. A focus is on COVID-19 relief, with the free grants eligible to pay for rent, utility bills, operating costs, and other costs. Small business owners can also attend networking events, go to classes, enroll into coaching and more. Learn more here. https://www.baltimoretogether.com/
By Jon McNamara
