The Baltimore BASE (Business Assistance and Support for Equity) Network has launched a new initiative, called the Economic Recovery Fund.
Donor Name: Baltimore BASE Network
State: Maryland
City: Baltimore
Type of Grant: Grant
Deadline (mm/dd/yyyy): 02/03/2022
Size of the Grant: $50,000
Details:
This program is being administered in partnership with the Mayor’s Office of Recovery Programs and is funded by the American Rescue Plan Act. The Economic Recovery Fund will provide grants and technical assistance to small businesses with the goals of helping businesses recover, stabilize, and grow.
The Baltimore BASE (Business Assistance and Support for Equity) Network is a partnership of entrepreneurial support organizations led by the Baltimore Development Corporation and the Mayor’s Office of Minority and Women-Owned Business Development that is committed to helping Black, Indigenous, and People of Color (BIPOC) owned small businesses located in Baltimore City access pandemic-related recovery assistance.
Funding Information
The maximum request amount varies based on your business’s highest documented annual gross revenues of the last three years (2019, 2020, or 2021).
- Annual revenues below $100,000: $10,000 maximum request amount.
- Annual revenues below $250,000: $25,000 maximum request amount.
- Annual revenues at or above $250,000: $50,000 maximum request amount.
Eligibility Criteria
- To be eligible, businesses must be located in Baltimore City and established or operating by February 2020. Priority will be given to BIPOC-owned businesses with fewer than 10 employees, including sole-proprietors. Grant funds will be used to help small businesses invest in critical business services to address pandemic-related challenges or opportunities, such as e-commerce, technology, marketing, human resources, legal, and accounting.
- ITIN holders are eligible to apply.
- The following types of entities are not eligible to apply: (1) child care businesses (2) hotels (3) nonprofit organizations (4) individual artists and performers. These entities are eligible for other direct assistance programs through the Baltimore City Economic Recovery Fund.
Other Eligibility Guidelines
- Sole-proprietors and self-employed individuals are eligible to apply as long as they meet the criteria above and can verify business income.
- Business owners without Social Security Numbers can apply as long as they meet the criteria above and have an Individual Taxpayer Identification Number (ITIN).
- Businesses with multiple locations can only receive one grant that can be used at one or more locations, but not individual grants for each location. Businesses that are national franchises are eligible as long as the franchise is locally-owned.
For more information, visit Baltimore BASE Network Economic Recovery Fund Small Business Grant.
