The City of Frederick's Department of Economic Development has launched a new grant opportunity called “ACCESS GRANTED.” This initiative is designed to support small minority and women-owned businesses, both start-up and established, by providing access to capital for specific projects aimed at scaling their operations. The program aligns with the city's mission to foster a supportive and inclusive business environment, enabling entrepreneurs to achieve their full potential.
The primary beneficiaries of the "ACCESS GRANTED" program are small minority and women-owned businesses within The City of Frederick limits. The impact goal is to empower these businesses by providing financial assistance that will facilitate their growth and development. This initiative aims to address the challenges these businesses face in accessing capital, thereby contributing to a more equitable and robust local economy.
The program prioritizes small minority and/or women-owned businesses that are physically located within The City of Frederick limits. Eligibility criteria include being a registered for-profit business, being in good standing in the state of Maryland, and having no more than 25 full-time equivalent employees. These criteria ensure that the funding reaches businesses that are genuinely in need of support and are poised for growth within the city.
The City of Frederick has earmarked $400,000 for this program, with individual grant sizes ranging from $100,000 to $500,000. The expected outcome is a tangible increase in the capacity and scalability of participating businesses, leading to job creation, economic growth, and enhanced community vibrancy. While specific measurable results are not explicitly detailed beyond the financial allocation, the program's success will likely be evaluated by the number of businesses supported, the scale of projects undertaken, and the overall economic impact on the community.
