93 percent of riot-damaged businesses open again, BDC says

Six months after the death of Freddie Gray sparked riots in Baltimore, nearly all of the businesses damaged during the unrest have reopened.

The Baltimore Development Corp. (BDC) reported Tuesday that 93 percent of the more than 400 businesses that suffered property damage or lost inventory are up and running once again.

The BDC awarded 72 grants and 30 loans — totaling more than $866,000 — to help businesses recover. Most of that money came from donations to a special recovery fund the BDC established after the riots.

Owners could apply for zero-interest loans of up to $35,000 — which are fully forgivable if the businesses stay open for two years — and grants of up to $5,000 to fix doors, windows and other exterior features, according to the report.

“We were overwhelmed by the immediate response from the Baltimore business community with offers of both in-kind donations and financial contributions,” William H. Cole, BDC’s president & CEO said in a statement. “BDC simplified the loan and grant process to make it as easy as possible for businesses to apply for assistance.”

Hye Kim, owner of Accessories & More, a beauty-supply store on North Caroline Street, said a grant from the BDC’s helped repair about $8,000 in damage to the storefront.

“It was critical,” Kim told The Daily Record. “We basically lost everything.”

Kim also received a $35,000 loan, and said the BDC was available to guide her and answer questions as needed. “We really appreciate what they did.”

In the wake of the riots, BDC staff visited neighborhoods and commercial corridors across the city to make contact with business owners, and one staff member was assigned to each of the affected businesses to make sure they were connected with available resources, according to the report.

The BDC also helped the U.S. Small Business Administration set up a pair of emergency field offices — one in East Baltimore and one in West Baltimore — where business owners could apply for assistance, according to the report.

“It was extremely important to help all the businesses damaged by the unrest to reopen and get back to operating at full capacity,” Baltimore Mayor Stephanie Rawlings-Blake said in a statement.  “It was so inspiring to see so many of the business owners committed to reopening and reinvesting in Baltimore.”