ANNAPOLIS, Md. (WJZ) — Governor Larry Hogan announced that Project Restore will begin accepting applications in September.
The $25 million economic recovery initiative will support small businesses while revitalizing vacant retail and commercial spaces.READ MORE: Fourth Of July Extravaganza Cruise Provides Front-Row Seat To Inner Harbor Fireworks
“The entire mission of our state government continues to be keeping Maryland open for business, and with this transformative Project Restore initiative we are jumpstarting the next phase of our economic recovery from COVID-19,” said Governor Hogan. “As we begin accepting applications, I encourage local businesses and developers to apply for these financial incentives and be part of our efforts to revitalize Main Streets and communities across our state.”READ MORE: State Leaders Raise Constitutionality Concerns After Feds Call For Stop To Protesting Outside Justices' Maryland Homes
Project Restore will provide new or businesses looking to expand with rental grants and sales tax relief rebates to help with startup and operating costs during their first year.
To qualify, eligible applicants must begin new or expanded operations in space that has not been generating sales tax receipts for at least the past six months. Additionally, all applicants must commit to occupying the space for a minimum of 12 months following receipt of the grant.MORE NEWS: Large Sinkhole Opens Up In Front Of East Baltimore Row Homes
For more information and application details, visit dhcd.maryland.gov/ProjectRestore.