Eligible businesses including those owned by people may receive grants of $20,000.
Businesses owned by people of color and women in Baltimore can now pursue $20,000 grants. The money will come as Baltimore Gas and Electric (BGE) is investing $2 million in the program this year. Small businesses located in the utility’s service area can apply as part of the BGE Energizing Small Business Grant program through July 12.
The program has awarded grants exceeding $13 million to 651 small businesses since its inception in 2021. It’s part of an initiative to help the foundation of the local economy succeed and thrive.
Historically underrepresented minority businesses often challenged with access to capital will be prioritized for funding. To administer the grants, BGE is uniting with the fintech platform Hello Alice.
Grant applicants must meet many requirements to be eligible. They include being a for-profit business operating for at least a year at the start of the application, being an existing BGE customer in good standing, having a maximum of 25 employees, and annual gross revenues in 2023 of under $7 million.
The latest funding comes as insufficient or expired capital is one of the main operating challenges for budding and mature small business owners. This report showed that 76% of Black entrepreneurs disclosed that access to capital was an obstacle.
In general, small business grants often are a source of funding that doesn’t need to be repaid or incur interest and fees like a loan. Businesses can use grants to cover a particular need such as expansion, hiring workers, and other purposes. A downside is a business may face a lot of competition in securing a grant, with multiple interested applicants pursuing them.
A subsidiary of Exelon Corp., BGE calls itself Maryland’s largest natural gas and electric utility. It serves more than 1.3 million electric customers and 700,000 natural gas customers.
Get more details and apply here.
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