This EDA investment capitalizes a revolving loan fund (RLF) to lend to borrowers throughout the state of maryland

The U.S. Department of Commerce Economic Development Administration (EDA) awarded a $3.56 million Project Grant to the Maryland Department of Health Laboratories Administration under the Economic Adjustment Assistance (EAA) program. The grant capitalizes a revolving loan fund (RLF) to provide loans throughout Maryland to help small and underserved businesses recover from disruptions caused by the COVID-19 pandemic. As the source of loans, the Maryland Department of Commerce will assist eligible borrowers with working capital and other needs. The RLF specifically targets businesses unable to access traditional financing and aims to promote job creation, private investment, and economic resiliency across the state. Once implemented, the EDA-funded RLF will bolster Maryland's economic recovery by supporting small businesses hardest hit by the crisis.

The maryland department of commerce will be a source of loans to assist with working capital or other eligible uses to help targeted businesses survive and/or recover from business disruption caused by the covid crisis. Small and underserved businesses that are unable to qualify for financing from traditional lending sources are the targets of the RLF. Once implemented, the RLF will promote job creation and retention, attract private investment, and bolster economic resiliency throughout the region.