Please ensure Javascript is enabled for purposes of website accessibility
Horseshoe Casino (File)

Horseshoe donates $50K for Baltimore business recovery fund

The Horseshoe Casino Baltimore has donated $50,000 to a fund dedicated to helping city businesses damaged by April’s riots recover.

The Baltimore Business Recovery Fund, which is overseen by the Baltimore Development Corp., had been struggling to raise money. When the fund was launched in May the corporation announced a goal of raising $15 million. As of last week, $300,000 had been pledged to the fund and a little over $200,000 had been received. The corporation had made six loans worth about $142,000.

“It is extremely gratifying that local companies such as Horseshoe Baltimore are continuing to step up in support of the many small businesses that experienced property damage or inventory loss during the recent unrest,” said William Cole, president and CEO of the Baltimore Development Corp.  “The ongoing financial investments business leaders are making in the community are providing much needed resources to the many small businesses directly affected by recent events.”

Money donated to the fund will go toward making loans of up to $35,000 with zero interest. The loans can be converted to grants if certain benchmarks are met. The recovery fund is the only effort in Baltimore to specifically raise money to aid riot-damaged businesses.

The Baltimore Development Corp. also tweaked an existing grant program, which provided grants to businesses to make storefront improvements, to help damaged businesses make repairs. Roughly 30 businesses have applied for these grants that can be up to $5,000. The deadline to apply for that grant has been extended to Aug. 31.

About 390 businesses throughout the city were damaged in riots that broke out in late April following protests over the death of 25-year-old Freddie Gray from injuries suffered while in Baltimore police custody.

 


About Adam Bednar

Adam Bednar covers real estate and development for The Daily Record.