LARGO, Md. — Prince George’s County Executive Angela Alsobrooks launched Wednesday a business relief fund to assist local small businesses facing economic hardship due to the coronavirus pandemic.
The new initiative is a public-private partnership of County and private resources providing loans and grant funding of up to $15 million for area businesses.
“These resources will be critical to help sustain our business and non-profit communities as we weather this storm,” Alsobrooks said. “Coronavirus will not have the final say, and we will continue leveraging all of our resources and partnerships to ensure we can make it through this unprecedented crisis together.”
The Prince George’s County Council approved $10 million in EDI Funds during a virtual council session on Tuesday; $5 million of the relief fund comes from local banks and private entities.
Small businesses will have access to loans up to $100,000 and grant funding of up to $10,000. Eligible businesses, officials said, can apply for the funds through the Prince George’s County Economic Development Corporation beginning April 13.
“County-based businesses provide jobs, products, and services for our residents and form the foundation for economic development progress in Prince George’s County,” County Council Chair Todd Turner said. “The County Council looks forward to its continued partnership with the Alsobrooks Administration on this and future initiatives on behalf of the residents and businesses of Prince George’s County during this global pandemic.”
In addition to the $15 million relief fund for small businesses, the Prince George’s County Strategic Partnership Office is coordinating efforts with philanthropy, nonprofits, government, and small business leaders to collect and organize resources and funds for those providing COVID-19 relief efforts for the county.