With help from the U.S. Economic Development Administration (EDA), Maryland will be able to support the state’s small businesses impacted by the coronavirus pandemic.
The state has received an additional $3.4 million to recapitalize several state and county loan funds that provide assistance to small businesses. Specifically, the Maryland Department of Commerce received $770,000 to recapitalize the Maryland Economic Adjustment Fund (MEAF) program, a pre-existing small business Revolving Loan Funds (RLF) program funded primarily through the EDA.
“We are pleased to receive more CARES Act funding, which will enable our department to provide loans to the small businesses that need them the most,” said Maryland Commerce Secretary Kelly M. Schulz. “With the CARES Act funding that Maryland Commerce has received, we have been able to assist hundreds of businesses with grants and loans to help them on the road to economic recovery.”