BALTIMORE (AP) — Baltimore’s economic development arm is seeking to raise $15 million to help businesses recover from riots and looting sparked by the death of Freddie Gray.
The Baltimore Development Corp. said Wednesday it will use the Baltimore Business Recovery Fund to make no-interest loans of up to $35,000 to businesses with property damage or inventory losses. The nonprofit corporation says about 350 businesses were affected.READ MORE: COVID In Maryland: More Than 1K New Cases Added As Hospitalizations Continue To Increase
The corporation says the loans may convert to grants if certain benchmarks are met.
The fund has gotten commitments totaling $200,000 through a campaign organized by the Greater Baltimore Committee.READ MORE: Maryland Directs All Vaccine Providers To Pause Johnson & Johnson Shot In Light Of Clot Reports
The Small Business Administration has released a preliminary estimate of $9 million in uninsured physical property damage from the civil unrest.
Gray was a 25-year-old black man who suffered a fatal spinal injury in police custody.MORE NEWS: FDA, CDC Recommend ‘Pause’ For Johnson & Johnson COVID-19 Vaccine Over Clot Reports
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