PRESS RELEASE: April 25, 2024
BDC and The BASE Network Boost Local Economy with $8.5 Million in Grants to Small Businesses
American Rescue Plan Act (ARPA) funds were successfully distributed to over 490 BIPOC and women-owned businesses.
Baltimore, MD - The Baltimore Development Corporation (BDC) and The BASE Network announced the impactful allocation of over $8.5 million in American Rescue Plan Act (ARPA) funds to small businesses throughout Baltimore. Through the dedicated efforts of BDC’s network partners, the BASE Network Recovery Program has provided technical assistance and capital ranging from $5,000 to $50,000 to over 490 local businesses.
88% of the grants were awarded to BIPOC-owned businesses, and 70% went to women-owned or non-binary-owned businesses. This targeted support is vital, considering national trends show a significant gap in funding access for minority and women entrepreneurs.
“With national data indicating that 83% of small business owners never access capital from traditional banking or financial institutions, the challenge is even starker for Black-owned businesses, where only 16% of financing needs are met,” shared Brennan Murray, Assistant Managing Director, Business & Neighborhood Development at BDC. “Delivering immediate and long-term value to BIPOC and women-owned businesses is at the heart of the BASE Network's mission.”
Despite facing documentation and ARPA compliance challenges, the BDC and The BASE Network partners have demonstrated unwavering support for the local entrepreneurial community. With the first round of grant awards aiding 221 businesses, only 14 were unable to meet the initial documentation deadline. These businesses, however, received at least half of their grant amount, showcasing the commitment to support every applicant.
“Overseeing the grants and documentation for hundreds of businesses has been a complex journey, and we're deeply thankful for everyone's patience and cooperation,” explained Paul Taylor, Director of the Small Business Resource Center. “The unwavering commitment and weekly collaboration of our 15 BASE Network partners over the past three years highlight a shared vision for Baltimore's growth that the Mayor's Office and BDC greatly value and appreciate.”
Michelle Geiss, Network Director of Impact Hub Baltimore, highlighted the initiative's impact, “This endeavor goes beyond financial assistance; it's about leveling the playing field for our city’s entrepreneurs. Network partners have learned a lot about access barriers facing our city's smallest businesses and will translate these lessons into advocacy efforts over the coming months and years."
As the program moves forward, the BDC and The BASE Network are focused on transparency and continued support, ensuring all businesses have the resources needed to succeed. Special office hours and workshops will continue until the end of April, reinforcing the network’s commitment to every entrepreneur’s success.
The BASE Network is powered by the following group of entrepreneurial support organizations led by the Baltimore Development Corporation, Mayor’s Office of Small and Minority Business Advocacy & Development, and Co-facilitated by Impact Hub.
For more information, contact Brennan Murray at Brennan.Murray@baltimorecity.gov or visit baltimorebasenetwork.org.
About the Baltimore Development Corporation
The Baltimore Development Corporation (BDC) is the economic development agency for the City of Baltimore. Our mission is to grow the city’s economy in an inclusive manner by retaining, expanding, and attracting businesses and promoting investment, thereby increasing career opportunities for residents.
About the Baltimore BASE Network
The Baltimore BASE (Business Assistance and Support for Equity) Network is committed to helping BIPOC (Black, Indigenous, and People of Color) owned small businesses in Baltimore City obtain pandemic-related recovery assistance. The Network launched in April 2020 and has helped over 3,000 Baltimore businesses access over $50 million in recovery assistance. The BASE Network is powered by a group of entrepreneurial support organizations led by the Baltimore Development Corporation, Mayor’s Office of Small and Minority Business Advocacy & Development, and Co-facilitated by Impact Hub.
Media Contact: Gina Richmond, Bloomtopia, gina@bloomtopia.com
