A $1.6 million grant has been awarded to the state of Maryland from the Economic Development Administration's American Rescue Plan.
The federal funding will go towards the Maryland Economic Adjustment Fund (MEAF), administered by the Maryland Department of Commerce, and will be used to assist underserved small businesses across the state.
The MEAF revolving loan fund will serve businesses that do not qualify for traditional financing or lending sources. According to the EDA, this investment could help create 250 new jobs and generate a private investment of $210,000 in Maryland.