Second round of Project Restore funds benefits downtowns
More than 350 businesses across the state will benefit from Project Restore, Gov. Larry Hogan said.
The governor announced the distribution of $14.5 million in funding that is dedicated to revitalizing vacant retail and commercial spaces. The funds are the second round of distribution through the project, which calls for $25 million to aid economic recovery.
“Project Restore has already proven to be one of our most successful COVID-19 recovery initiatives,” Hogan said in the release. “As we continue to award grants to businesses in every jurisdiction and work to make this program permanent, we are effectively driving more jobs and more investment to our small towns and main streets for years to come.”
The governor made stops in Hagerstown on Wednesday to visit the businesses who have reaped rewards from the program, including healthcare workers at Meritus Hospital and various downtown businesses.
Hogan highlighted economic initiatives during the stops, including a major investment in the Boys & Girls Club in Washington County. The organization will receive a $2 million investment to rebuild the club, which provides a space for youth to learn character building and educational enrichment.
According to the release, 209 businesses are set to receive $5.2 million in rental subsidies with another $9.3 million utilized for business operations grants over the next two years. That will push to 350 the number of businesses to have benefited since the program’s inception.
The state’s Department of Housing and Community Development shepherds the program and offers rental and operational grants to offset startup costs. Additionally, the program seeks to incentivize commercial investments in vacant spaces throughout the state, the release says.
Retail stores, breweries and restaurants, and retail stores have benefited from the program, according to the release. Plus, manufacturing spaces and offices have been granted funding.
“Through Project Restore, we have made significant progress to keep businesses operating and growing in every corner of the state,” Secretary Kenneth C. Holt of the Department of Housing and Community Development said in the release. “Our department will continue to help businesses supercharge Maryland’s economy.”
This article was originally posted on Second round of Project Restore funds benefits downtowns