The Global Entrepreneurship Network (GEN) has teamed up with Hello Alice to launch the next phase of Baltimore Gas and Electric Company’s (BGE) Energizing Small Business grant initiative. This program will assign $20,000 grants to support small businesses in Maryland, focusing on those most impacted by economic challenges, including the ongoing COVID-19 pandemic.
The initiative will provide much-needed funding to offset business-related expenses and encourage growth and job creation. Of particular note is its intent to empower minority-owned businesses and women-led enterprises, contributing to a more inclusive economy.
In its last run, the scheme granted over $2.5 million to fund the growth of 129 small businesses. This time around, BGE plans to continue supporting local businesses by offering even more funding. CEO Carim Khouzami affirms the company’s commitment to local economic development and highlights how small enterprises can provide significant local opportunities.
Previous recipients of the grant represent a diverse array of industries, from games developers like 3 Gear Games to A&M Smoked Meats LLC, a meat processing company.
BGE and GEN expand small business grants
Among them, local digital arts company Studio 9-24 LLC and local cafe Munchies Cafe & Bakery plan to use their grants to expand their teams and upgrade their offerings, respectively. Even urban farms and local NGOs, such as Urban Harvest STL, have benefited, highlighting BGE’s commitment to sustainable practices.
Hello Alice’s CEO Carolyn Rodz praises the initiative for extending vital resources to business owners to help them grow despite facing challenges and barriers. She reflects on how the scheme is fostering a conducive environment that aids in business expansion.
To qualify for a grant, businesses must have a minimum of one year’s engagement as a BGE customer, earn less than $7million annually, and have a demonstrated need for financial aid. They must also present a robust business plan detailing the expected ways the grant will improve their operations and give back to the local community.
Since its launch in 2021, the initiative has already helped approximately 651 businesses with a total of $13.06 million in grants to date. The grants have gone towards various needs such as capital investment, payroll, and operational costs, demonstrating the transformative impact of financial support on small businesses. Detailed application procedures are available on both the Hello Alice and BGE websites.
