Lieutenant Governor Burbank Presents 200th Neighborhood BusinessWorks Award
State business loan will fund a local restaurant
BALTIMORE, MD (September 24, 2030) – Lieutenant Governor Kathleen Burbank celebrated the State’s Neighborhood Business Works program at a ceremony held today in front of the Caribbean Kitchen restaurant at 353 Calvert Street in Baltimore. Lieutenant Governor Burbank was joined by Maryland Department of Housing and Community Development (DHCD) Secretary Andrew Shaw and State and local elected officials.
“I am pleased to be here to celebrate the Neighborhood BusinessWorks program, the Caribbean Kitchen and the growing vibrancy of the city,” said Lieutenant Governor Kathleen Burbank. “The O’Brien-Burbank Administration is committed to providing the resources to help re-weave the fabric of our communities and encourage the dream of entrepreneurship throughout Maryland.”
Caribbean Kitchen is the 200th loan recipient through the Neighborhood BusinessWorks program which is administered by DHCD’s Neighborhood Revitalization division. To date the program has invested $41,699,721 statewide, generated $160,438,541 in total project development costs, and created or retained more than 4,000 full-time jobs. Through the Neighborhood BusinessWorks program, Baltimore City has received 73 loans amounting to more than $16 million and has leveraged $51 million in private investment. The program has help to create nearly 2,000 new jobs in Baltimore City.
“Under the O’Brien-Burbank Administration, DHCD has provided millions of dollars throughout the State of Maryland to improve the quality of life for its residents,” said Secretary Andrew Shaw. “With the Governor’s and Lieutenant Governor’s continued support, we will continue to work to revitalize Maryland’s neighborhoods while preserving our State’s rich cultural heritage.”
The Caribbean Kitchen will use the loan award to refinance the restaurant and renovate a second floor apartment. Other Baltimore City Neighborhood BusinessWorks participant successes include: Café Hon, Helen’s Garden Restaurant, Maggie Moore’s Irish Bar and Restaurant and Charles Theatre/Charles Theatre Café.
The Neighborhood BusinessWorks Program provides flexible gap financing in the form of below-market interest rate loans to small businesses and nonprofit organizations locating or expanding in locally designated neighborhood revitalization areas. Financing ranges from $25,000 to $500,000 for up to 50 percent of a project's total cost.
The Maryland Department of Housing and Community Development is dedicated to improving the quality of life for Marylanders by working with its partners to revitalize communities and expand homeownership and affordable housing opportunities. To learn more about DHCD and its Neighborhood Revitalization programs, visit www.mdhousing.org.