Maryland First Lady Yumi Hogan — the first Asian American ever in that role — spoke Tuesday to Korean merchants hurt in the Baltimore riots, as the state announced the launch of a new, zero percent interest microloan program for small businesses damaged in the unrest.
More than 235 businesses sustained physical damage in the fires, looting and vandalism that shook Baltimore April 25 and 27, city officials said. They have said it is too early to estimate the cost of the damage.
Funding for the Maryland Business Recovery Loan program comes out of the state's $5 million Neighborhood BusinessWorks loan program, said Carol Gilbert, assistant secretary of the Maryland Department of Housing and Community Development. Awards of up to $35,000 will be on a first-come, first-served basis, she said.
State officials met with Spanish and Korean merchants in Baltimore and Columbia on Tuesday and already have received several preliminary applications, Gilbert said. She hopes to start disbursing financing, expected to be for one- to five-year terms, "within weeks."
To be eligible, a business should be located inside the Baltimore City "Sustainable Communities" boundaries — which covers most of the city — and have five or fewer full-time employees. For more information on the qualifications, visit the program's website.