The City of Laurel Department of Economic and Community Development (Laurel ECD) administers the Thrive Small Business Grant Program to support the growth and development of new businesses within the city. This program is designed to provide financial assistance to entrepreneurs looking to expand their businesses, hire employees, and contribute to the economic vitality of the community. The grant aims to spur economic development, create job opportunities for Laurel residents, and foster entrepreneurship.

The grant offers a funding amount of $10,000 to qualifying businesses that are located within the City of Laurel. To be eligible, businesses must open between July 1, 2024, and June 30, 2025, and must be within designated commercial or industrial zones. The program has a total funding allocation of $100,000, and funding is sourced from the City of Laurel’s General Operating Budget. Applications will be reviewed on a first-come, first-served basis, and only one application per business entity will be accepted.

Businesses receiving funding through this program must remain in operation within the city for at least four years. If a business closes or relocates outside the city before that time, a penalty will be enforced requiring partial repayment of the grant. Businesses that move or close within the first year must repay 75% of the grant, within two years 50%, and within three years 25%. Grant funds must be used for eligible expenses such as utility improvements, equipment installation, interior remodeling, signage, and security systems. However, certain expenses, including rent or mortgage payments, payroll, professional fees, and artwork, are ineligible.

To qualify, businesses must hold a valid City of Laurel Use and Occupancy permit and be in good standing with the State of Maryland. Businesses must also be up to date on all tax payments at the city, county, state, and federal levels. If the business owner is not the property owner, the property owner must sign off on the grant application. Additionally, applicants must submit a current business plan.

Applications will open on September 3, 2024, at 9:00 AM and will remain open until all funds have been allocated. Businesses that have received any form of financial assistance from the City of Laurel within the past two years are ineligible. Applications will only be accepted electronically through the designated online portal, and assistance is available through the Economic and Community Development Department. The contact information for inquiries includes phone number 301-725-5300, extension 2303, and the department’s email