Baltimore's nonprofit economic-development agency announced an effort Wednesday to raise $15 million to help businesses damaged by last month's riots, the Baltimore Business Journal and the Associated Press write.
The Baltimore Development Corporation said the Baltimore Business Recovery Fund will offer affected firms interest-free $35,000 loans, which could be converted into grants if recipients meet certain benchmarks.
Some 350 businesses across the city were affected by vandalism and looting amid protests over the death of Freddie Gray, a 25-year-old African-American, from injuries he sustained while in police custody. "We'll look at anything to help get them back on their feet," said William H. Cole IV, president of the development group. "We need them to be open and stay open." The Greater Baltimore Committee, a network of regional business and civic leaders, has raised $200,000 for the fund.
Read a Chronicle of Philanthropy article on charities' and grant makers' post-riot efforts in Baltimore.