$400,000 Grant Program Launched To Support Minority And Women-Owned Businesses

The city of Frederick, Maryland, has introduced a new grant program.

Access to capital has long been a significant hurdle for minority and women-owned small businesses. To help overcome this obstacle, the city of Frederick, Maryland, has introduced a new grant program that offers $400,000 in total funding. This initiative is designed to provide much-needed capital to startups and established businesses, supporting their growth and development.

Eligible businesses can apply for grants of up to $40,000. The city has announced that preference will be given to firms located within city limits and minority and women-owned businesses. This program aims to foster a more inclusive and equitable business environment in Frederick, helping to level the playing field for underrepresented entrepreneurs.

Potential grantees may do well to act soon as applications are now open and will end at 5 pm on Aug. 12. Interested businesses can gain more details and apply here.

“We are thrilled to introduce the ‘ACCESS GRANTED’ program as a vital step towards creating a more equitable and thriving business community in Frederick,” stated Richard Griffin, director of the Department of Economic Development.

Mayor Michael O’Connor said, “Minority and women-owned businesses historically have faced systemic barriers that have prevented them from securing the financial resources to help them grow and thrive.”

The grants must be used for specific purposes, such as boosting revenue, increasing profits, and enhancing product or service opportunities for a business. Qualified reasons for pursuing the funding include covering the costs of equipment, renovations, inventory, website design, marketing, and other business-related expenses.

A grant is typically money awarded to businesses needing funding to spur growth, expansion, hiring, and other functions. One key benefit of a grant is that it often does not need to be repaid, unlike a loan. However, pursuing grant funding can be time-consuming for a business, and the eligibility requirements can be stringent.