Md. Has No-Interest Loans For Damaged Baltimore Businesses
BALTIMORE (AP) -- The state of Maryland is offering no-interest loans to Baltimore businesses hurt by civil unrest sparked by the death of Freddie Gray.
The Department of Housing and Community Development says loans of up to $35,000 are available for terms of up to five years.
The agency says businesses with greater losses might qualify for another loan program meant to stimulate investment in older communities. Those loans can run as high $500,000. The interest is below market rates and the term is up to 15 years.
Republican Gov. Larry Hogan said Tuesday he was committing $20 million to help pay for the response to rioting and looting last week. The violence came amid protests over Gray's death from a spinal injury he sustained in police custody.
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