How is the County assisting small businesses?
The County launched the COVID-19 Business Recovery Initiative to assist local small businesses facing economic hardship by the spread of COVID-19. This initiative was a public-private partnership of County and private resources that provided loans and grant funding of up to $20 million for area businesses. The COVID-19 Business Recovery Initiative assisted small, local, and minority-owned enterprises, who faced closures and layoffs, with retaining their pre-pandemic workforce and sustaining operations during the global pandemic.
The Legacy Fund for small business development was established with a $1 million grant from the Greater Washington Community Foundation to provide critically needed access to capital for small businesses in Prince George’s County. The fund was part of The Community Foundation in Prince George’s County’s equity and economic mobility initiative. The overall goal of the initiative is to eliminate social and economic disparities and help individuals, families, and collective groups improve their social and economic status. Small businesses that fit the eligibility requirements received grants for up to $10,000 to support operating expenses including payroll, suppliers, rent, and other business-critical costs.
Due to an appropriation of $2 million of CARES Act funding, child care providers in Prince George’s County may apply for grants to cover reopening expenses through the Child Care Provider Recovery Program. Eligible child care providers may receive a grant up to $20,000 for licensed child care centers and up to $3,000 for registered family child care homes to support reopening costs, including personal protective equipment (PPE), payroll, supplies, rent, fixed debt payments and other business operating costs. Applications will be accepted between September 9, 2020, and October 2, 2020.
For those who would like more information, please contact the Prince George’s County Economic Development Corporation at 301-583-4650 or visit their website at www.pgcedc.com.