Board of Public Works Approves $2.5 Million, Administration Requests Additional $2.5 Million from Catastrophic Fund
ANNAPOLIS, MD - Governor Larry Hogan’s request to provide $2.5 million in funding to assist small businesses and property owners in Ellicott City recover from devastating flooding was approved today by the Board of Public Works. Lt. Governor Boyd Rutherford chaired the bi-weekly meeting of the board, with Comptroller Peter Franchot in attendance. Treasurer Nancy Kopp was absent.
In a 2-0 vote, the board approved the Department of Housing and Community Development (DHCD) as an eligible fund manager, and granted the department $2.5 million from the Small, Minority and Women-Owned Business Account to make loans to eligible businesses in Ellicott City.
“I would like to thank Comptroller Franchot for joining with our administration today in support of Ellicott City and the businesses and residents who make it such a special part of our state,” said Governor Hogan. “Over the past few weeks, a lot progress has been made to rebuild the community and provide assistance to local residents, but there is still much work to be done. Today’s vote will ensure that progress continues in Ellicott City in the months ahead.”
Using these funds, DHCD will provide short-term and long-term assistance, in the form of zero and low interest loans, to enable affected businesses to re-open either in Ellicott City or in a temporary, alternate location. The loans will also allow for business and property owners to re-stock inventory, complete repairs, replace furniture and fixtures, reimburse for lost revenues and working capital, and meet other immediate needs.
The Hogan administration also announced that it is requesting the Legislative Policy Committee to approve the transfer of $2.5 million from the Catastrophic Event Fund to DHCD’s Neighborhood BusinessWorks program to provide additional aid to Ellicott City businesses and property owners affected by the flooding.
In total, the Hogan administration’s proposals announced today will provide $5 million in funding to eligible Ellicott City businesses and residents.