BDC Releases Recovery Report Detailing Assistance Given To Businesses Affected By Riots
BALTIMORE (WJZ) -- The Baltimore Development Corporation (BDC) released the 2015 Baltimore Business Recovery Report on Tuesday, which detailed the multi-agency efforts and assistance the city and BDC has provided to local businesses that suffered property damage or inventory loss during the 2015 city riots.
The BDC has awarded 72 Storefront Recovery grants totaling more than $206,000, and it provided 30 loans, totaling in about $660,000. The total amount distributed to businesses for recovery was more than $866,000.
"It was extremely important to help all the businesses damaged by the unrest reopen and get back to operating at full capacity," said Mayor Stephanie Rawlings-Blake. "BDC's ability to quickly mobilize their staff into the neighborhoods was instrumental in identifying as many of the affected businesses as quickly as possible, and it was so inspiring to see so many of the business owners committed to reopening and reinvesting in Baltimore."
Immediately after the unrest, BDC staff visited every neighborhood, Main Street, and commercial corridor multiple times to reach out to affected business owners.
It was determined that a little more than 400 businesses experienced some type of property damage and/or inventory loss. To date, 93 percent of these businesses have reopened.
BDC also established the Baltimore Business Recovery Fund to provide zero-interest loans for up to $35,000; these loans are 100 percent forgivable if the business stays open for two years. In addition, the BDC offered Storefront Recovery Grants for up to $5,000, which was sufficient enough for many businesses to reopen. The recovery fund was supported by generous, tax-deductible donations from the business community and individuals.
"We were overwhelmed by the immediate response from the Baltimore business community with offers of both in-kind donations and financial contributions, [which] went directly to the Baltimore Business Recovery Fund," said William H. Cole, president & CEO of BDC. "BDC simplified the loan and grant process to make it as easy as possible for businesses to apply for assistance."
BDC also conducted emergency outreach training for the entire staff to ensure everyone part of the recovery assistance efforts could identify and match businesses with the appropriate local, state, and federal resources, based on each situation. Business outreach efforts then continued for more than six months to ensure that all affected businesses received the help that they needed to re-open.
