July 10th 2024.
The city of Baltimore is taking a significant step towards supporting diversity and inclusion in the business world. As of now, businesses owned by people of color and women in Baltimore are eligible to receive $20,000 grants. This generous funding is made possible by Baltimore Gas and Electric (BGE), who have recently announced a $2 million investment into the program for this year. If you're a small business located in the utility's service area, you have until July 12 to apply for the BGE Energizing Small Business Grant program.
Since its launch in 2021, the program has already awarded over $13 million in grants to 651 small businesses. This initiative is part of BGE's commitment to supporting the foundation of the local economy and helping small businesses succeed and thrive. Historically, underrepresented minority businesses have faced challenges in accessing capital, and this program aims to prioritize them for funding. To oversee the grants, BGE has partnered with the fintech platform Hello Alice.
If you're interested in applying for the grant, there are several requirements that you must meet to be eligible. These include being a for-profit business that has been operating for at least a year, being a current BGE customer in good standing, having a maximum of 25 employees, and annual gross revenues of under $7 million. This funding is especially crucial for small businesses, as lack of capital is often one of the biggest obstacles they face. In fact, a recent report found that 76% of Black entrepreneurs cited access to capital as a significant challenge.
Typically, small business grants are a great source of funding as they do not need to be repaid or accrue interest and fees like loans do. This funding can be used for various purposes such as expansion, hiring workers, and other business needs. However, one downside is that there is often a lot of competition for grants, with many interested applicants vying for the same funding.
BGE, a subsidiary of Exelon Corp., is proud to call itself Maryland's largest natural gas and electric utility. With over 1.3 million electric customers and 700,000 natural gas customers, BGE is committed to supporting small businesses and promoting diversity and inclusion in the business world. If you want more information or wish to apply for the grant, you can find all the details on BGE's website. And if you're an entrepreneur in need of funding, be sure to also check out the QuickBooks Grant Program for an opportunity to secure $10,000 for your business.
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