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Baltimore foundation commits $1M for business grants

SALISBURY — A Baltimore-based foundation has committed $1 million to the Franklin P. Perdue School of Business at Salisbury University for grants and loan guarantees to start new businesses.

The school announced on Friday that the grants were coming from the Philip E. and Carole R. Ratcliffe Foundation.

The foundation will offer as much as $200,000 annually to entrepreneurs looking to create start-ups.

The foundation hopes to have new businesses operating within six months with the potential of employing five or more people a year.

Two- and four-year college graduates in the Mid-Atlantic region will be eligible. Proposals from Maryland, Delaware, Virginia and the District of Columbia will be eligible, as well as proposals from New York and New Jersey.

The first applications are due Sept. 6.