County Approves $1 Million Appropriation to Assist Small Businesses

The County Council yesterday approved a $1 million special appropriation to supplement the Small Business Rental Assistance Program for qualifying businesses affected by the COVID-19 pandemic.

The funds will be administered under a contract with the Latino Economic Development Center, a regional nonprofit (with a Wheaton office) whose “mission is to drive the economic and social advancement of low- to moderate-income Latinos and other underserved communities,” according to its website.

To qualify, a business must, according to the council staff report:

  • Be physically located in the county, or its county-based locations account for more than 50% of the business’s total number of employees, or 50% of the business’s gross sales
  • Had annual revenues of $500,000 or less prior to the pandemic
  • Is a retail or service-related business, but not a restaurant or food service business, medical practice, professional services business, religious organization, or daycare facility
  • Has a commercial lease in the county, and
  • Can demonstrate a revenue loss due to the pandemic.

Eligible businesses will be able to receive up to $10,000, or three months rent.

Applications for the funding will be developed and released at a later date.

Montgomery County graphic

Read More:
MCEDC to Administer Nonprofit Grant Program, Accept Applications in July

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