The state of Maryland has approved a $250,000 grant to the Baltimore Development Corp. to go toward the BaltimoreMICRO program.
BaltimoreMICRO is a revolving loan fund for small businesses. The state helped launch the program in 2012 with a $250,000 grant.
Since then, the program has approved 13 loans, totaling $285,000, to businesses like The Charmery and Lucky Cup Espresso.
The city will match half of the state grant, providing $125,000 to the program.
“Small businesses are job creators,” said BDC President and CEO Brenda McKenzie in a statement. “BaltimoreMICRO aids in the development and expansion of small businesses, providing critical financing needed to support job creation and stabilization of existing employment opportunities in the City of Baltimore.”