The Maryland Department of Commerce has opened applications for two programs aimed at providing financial assistance to small businesses.
As part of the Cannabis Business Assistance Fund, the state has launched the Social Equity License Application Assistance Reimbursement Grant on February 19, 2024. The grant is available to qualified applicants seeking assistance with the costs of completing a cannabis business license application.
Businesses may apply for a reimbursable grant to fund 50% of eligible expenses up to $5,000. Complete details can be found on our website.
Eligible businesses must meet the following criteria:
- Be an existing business in good standing with the state of Maryland;
- Have completed and submitted a Social Equity Cannabis Business License application that has met the minimum qualifications as set by the Maryland Cannabis Administration;
- Be a small business, defined as an entity with 0-50 employees per license; and
- Be at least 51% owned by individuals whose personal net worth does not exceed $1.7 million.
The state will also launch its next round of the Business Telework Assistance Grant Program on March 11. The program provides grants of up to $25,000 to help businesses expand telework capabilities for their employees. These grants will help applicants purchase the equipment necessary to develop and implement telework policies, including hardware, software, and technical services. An application will be uploaded to the website closer to the launch date.
Eligible businesses must meet the following criteria:
- Be in the process of developing a telework policy that conforms to the best practices established by the Office of Telework Assistance within the Department of Commerce;
- Be an existing business in good standing with the state of Maryland;
- Have a physical location in Maryland; and
- Has not previously received a Business Telework Assistance grant from the department.
Deadlines to apply, specifics on net worth qualifications, and examples of qualified expenses can be found on our website.
About Maryland Commerce: The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State’s many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the arts, film production, sports and other special events. For more information, visit commerce.maryland.gov.
