Project Restore, an economic recovery initiative that provides financial incentives for small businesses to revitalize vacant retail and commercial spaces, has selected 376 businesses across Maryland that will receive a total of $24.5 million — including $8.8 million in property assistance grants and $15.7 million in business operations grants.
“Project Restore has been an incredible success in advancing our mission to make Maryland Open For Business, and today’s awards extend that impact even further in downtowns and on Main Streets across the state,” said Gov. Larry Hogan. “We’re now able to extend the initiative’s impact even further across the state — with just over 80% of this round of grants going to minority-owned businesses — supporting jobs and economic recovery for years to come.”
Through the initiative, the Maryland Department of Housing and Community Development offers property assistance and operational grants to support startup and expansion costs and incentivize private investment in vacant spaces. More than 725 businesses have now been awarded grants through Project Restore.
The latest application round received almost 800 applications. Approximately 2,520 jobs will be created by the businesses awarded funding. Of those awarded grants this round, 301 are minority-owned businesses and 206 of those are women-owned businesses. An additional 20 businesses are veteran-owned businesses. The three jurisdictions receiving the most awards are Baltimore City (104), Prince George’s County (37) and Anne Arundel County (30).
The previously vacant properties will return to active use as:
● 119 office spaces
● 110 retail spaces
● 61 restaurants
● 41 manufacturing/industrial spaces
● 44 other uses, such as event space, breweries, salons and indoor recreation.
More than 120 of the vacant properties are located in Maryland’s Opportunity Zones and 48 are in the state’s designated Main Street Maryland districts.
View the full list of recipients at dhcd.maryland.gov/Documents/PressReleases/ProjectRestoreAwards-Nov2022.pdf. For more information, visit dhcd.maryland.gov/ProjectRestore.