We have been working diligently to provide relief and technical assistance to the business community. As we shift our gear to focus on post-COVID-19 efforts, we are dedicated to delivering the utmost support during these trying times. FSC First along with many other county entities have established a number of recovery efforts to help your businesses pick back up after fallout. Through the Prince George’s County Business Recovery Initiative Grant program, we have been able to financially assist over 300 businesses.
COVID-19 RECOVERY INITIATIVES
Child Care Provider Recovery Program
The Child Care Provider Recovery Program provides grants to child care centers that have had to close their doors due to the COVID-19 pandemic. As a result of the COVID-19 pandemic, many child care programs in the County had to close its doors due to lack of revenue and newly established state and local health and safety guidelines. Unfortunately, these closures resulted in a substantial decrease in the number of available, quality child care seats for Prince George’s County families.
Child Care providers in Prince George’s County may apply for grants to cover reopening expenses through the Child Care Provider Recovery Program. Eligible child care providers may receive a grant up to $20,000 for licensed child care centers and up to $3,000 for registered family child care homes.
COVID-19 Business Recovery Initiative
The Prince George’s County COVID19 Business Recovery Initiative (Formerly Relief Fund) is a $20 million program that offers grants to provide working capital for small County based businesses whose operations have been interrupted due to COVID -19. Grant assistance provides up to $100,000 for businesses. Applicants must meet eligibility guidelines and provide evidence of financial disruption due to the COVID-19 crisis.
Emerge Stronger Technical Assistance Program
The goal of the Emerge Stronger Small Business Recovery & Resilience program is to increase the post COVID-19 economic recovery odds of Prince George’s County’s small business ecosystem.
Emerge Stronger offers programs that allow small businesses to remain open for business and thrive; create and maintain healthy business operations and finances; pivot their business models based on industry best practices; address employee and customer needs; and prepare them for new or emerging crises. Programming includes: CEO Bootcamps, Mentorship, Group Counseling, Capital Matters (financial management seminars) and an Accounting Clinic.
Emerge Stronger was created as a solution to address the technical assistance needs of small businesses who applied for the Prince George’s County Business Recovery Initiative. While immediate COVID-19 relief funding is critical to maintain operations, implementing best practices in business management is vital to improve short-term recovery odds and long-term post-pandemic resilience.
The Emerge Stronger Small Business Recovery & Resilience program is a partnership between FSC First, the Bowie Business Innovation Center and the Prince George’s County Economic Development Corporation.
The Legacy Fund for Small Business Development
The Legacy Fund, was established with a $1 million grant from the Greater Washington Community Foundation, it provides critically needed access to capital for small businesses in Prince George’s County. The fund is part of The Community Foundation in Prince George’s County’s equity and economic mobility initiative. The overall goal of the initiative is to eliminate social and economic disparities and help individuals, families, and collective groups improve their social and economic status. The Legacy Fund will provide relief from the impact of COVID-19 to help minimize business vulnerability to closure and bridge the gap to viability.
COVID-19 Restaurant Resiliency Fund
County Executive Angela Alsobrooks announced an appropriation of $6 million to assist restaurants and food service establishments that have been adversely affected by the COVID-19 crisis.
The Restaurant Resiliency Fund will provide grants up to $25,000 to Prince George’s County-based restaurants and food establishments to promote long-term sustainability and resiliency of businesses operations, support COVID-19 safety measures, and support businesses operating at reduced capacity.
Applications will be accepted between November 13, 2020 and December 18th, 2020. Applications will be reviewed on a first-come, first-served basis. Grant will be awarded on a rolling basis.