Deadline Extended on Forgivable Loans To Help Baltimore Merchants Rebuild

The Small Business Administration has estimated the cost of damage to businesses resulting from the April riots in Baltimore to be at least $9 million. The rioting was triggered by the arrest and death of 25-year-old African American Baltimore resident Freddie Gray. The riots damaged 350 businesses, and caused numerous fires and looting. The city is offering grants to help businesses rebuild.

Deadline extended

The deadline has been extended, allowing local businesses more time to apply for grants. The grants are called the Baltimore Business Recovery Loans and Storefront Recovery Grants, and they are being offered by the Baltimore Development Corp.

The grants are in the form of forgivable loans which do not have to be repaid if the businesses remains open for 24 months or longer.

The program has already enabled 47 businesses to re-open. Eligible small businesses also receive free business counseling from the Small Business Resource Center. Interested businesses can find out more about the program by visiting www.BaltimoreBusinessRecovery.org or calling 410-837-9305.

Read more at www.wbaltv.com/news/deadline-extended-for-business-loans-grants/34975740