Businesses owned by people of color and women in Baltimore can now pursue $20,000 grants. The money will come as Baltimore Gas and Electric (BGE) is investing $2 million in the program this year. Small businesses located in the utility’s service area can apply as part of the BGE Energizing Small Business Grant program through July 12.
Historically underrepresented minority businesses often challenged with access to capital will be prioritized for funding. To administer the grants, BGE is uniting with the fintech platform Hello Alice.
The latest funding comes as insufficient or expired capital is one of the main operating challenges for budding and mature small business owners. This report showed that 76% of Black entrepreneurs disclosed that access to capital was an obstacle.
In general, small business grants often are a source of funding that doesn’t need to be repaid or incur interest and fees like a loan. Businesses can use grants to cover a particular need such as expansion, hiring workers, and other purposes. A downside is a business may face a lot of competition in securing a grant, with multiple interested applicants pursuing them.
Get more details and apply here.
Source: Black Enterprise
