Building Resilience Capacity in Maryland's Small Businesses
GrantID: 5047
Grant Funding Amount Low: $150,000
Deadline: Ongoing
Grant Amount High: $150,000
Summary
Grant Overview
Resilience Training for Small Businesses in Maryland
Maryland small businesses are increasingly facing economic uncertainties, from supply chain disruptions to shifts in consumer behavior. The U.S. Small Business Administration notes that nearly 30% of small businesses in Maryland report experiencing severe financial impacts over the last year. Without adequate preparation and resources, many are at risk of closure or significant downsizing, which would have a detrimental effect on local economies.
The target recipients of this grant include small business owners across various sectors, particularly those in industries heavily impacted by recent economic fluctuations. Many entrepreneurs are often ill-equipped to navigate crises, lacking both resources and training to adapt their operations effectively. This gap creates significant vulnerability in the local business landscape.
This program focuses on providing resilience training that equips Maryland small business owners with essential skills and strategies for crisis management, financial planning, and operational adjustments. By fostering a more prepared entrepreneurial environment, businesses can adapt to challenges and recover more swiftly from disruptions. Ultimately, the goal is to enhance their long-term sustainability, allowing them to thrive in an ever-changing economic landscape.
Implementation will involve partnerships with local business associations and training providers to develop comprehensive workshops and resources tailored to various sectors. This collaborative effort will ensure that the training reflects the specific challenges facing Maryland businesses. With targeted support, Maryland can strengthen its small business community, fostering economic resilience that benefits the entire state.
Eligible Regions
Interests
Eligible Requirements
