SILVER SPRING, Md - The Latino Economic Development Center (LEDC) today announced it would begin accepting applications once again for Montgomery County Government’s Small Business Rental Assistance Grant Program, now in Phase 2, to start on Thursday, Sept. 1 at 11 a.m., with the online application closing on Friday, Sept. 30 at 5 p.m.
To ensure that the application process runs smoothly for small businesses interested in applying, LEDC will host two informational sessions to review program guidelines and answer any questions pertaining to the application portal. Additional registration information will be available on the program’s website: MoCo Small Biz Rental Assistance
- English Informational In-Person Session & Webinar | 08/16| 3 p.m.
- Spanish Informational Webinar | 08/19| 1 p.m.
With LEDC running a successful Phase 1 of the program and assisting over 100 small businesses from underserved communities while disbursing nearly $1 million in grants to alleviate their commercial rent payments, the goal of Phase 2 of this program is to help even more small businesses — particularly small businesses harmed by the pandemic and suffering from its repercussions.
With Phase 2 of this program, small businesses may be awarded up to $10,000 or three months of rental assistance, whichever is less. Funds may be used to pay for past-due rent or current rent obligations. Per county guidelines, a business may be eligible if it meets the following criteria:
- Was not awarded in the Small Business Rental Assistance Phase 1 Program in 2021
- Is located only in the county OR its county-based location(s) account for more than 50% of the business’s total number of employees or more than 50% of gross sales
- Received $500,000 or less in annual revenue in 2019
- Classifies as a retail or service-related business (excluding restaurant or food service businesses)
- Has a commercial lease in the county
- Can demonstrate a revenue loss due to COVID-19
“Through our work in the communities we serve, we have noticed first-hand how pandemic-related disruptions have affected the financial stability of many brick-and-mortar small businesses. With new challenges stemming from continued ramifications of COVID-19, we are excited to start the second phase of this program and help new businesses with one of the most substantial financial burdens they can face: their rent payments.” LEDC Executive Director and CEO Emi Reyes said.
LEDC’s Direct Community Investments (DCI) department will administer the program in partnership with the Montgomery County Business Advancement Team. New and updated information about this grant can be found here: MoCo Small Biz Rental Assistance
About The Latino Economic Development Center (LEDC)
Working families deserve to live in affordable homes and own successful small businesses, but too many are unable to turn those dreams into a reality. The Latino Economic Development Center (LEDC) equips Latinos and other underserved communities in DC, MD, VA, and Puerto Rico with the skills and financial tools to create a better future for their families and communities. Participants in our programs learn how to buy and stay in their homes, join with their neighbors to keep their rental housing affordable, and start or expand small businesses.