Building Black-Owned Business in Baltimore Frequently Asked Questions

Qualifications

In order to qualify for the RMG Building Black-Owned Business in Baltimore Initiative, your business must be:

  1. At least fifty-percent (50%) black-owned; and
  2. Located in the Baltimore Metro area.

The following companies will be given preference during the selection process:

  • Baltimore City-based businesses;
  • Early-stage companies (as defined below); and
  • Businesses qualifying for free legal services based on an overall assessment of their financial health.

We also welcome applications from black-owned Baltimore businesses that are in later stages of growth and development or companies that would typically be considered “later-stage” but have suffered recent financial or other setbacks due to the COVID-19 pandemic.

 

WHAT DO YOU MEAN BY “EARLY-STAGE”?

The following businesses will be considered “early-stage”:

  1. entrepreneurs or growth-focused recently formed entities (“start-ups”) that have yet to raise capital;
  2. start-ups that have only raised modest amounts of capital from friends and family investors;
  3. companies that have received some amount of venture capital funding;
  4. companies with limited revenue, sales, and market share but looking to expand.

 

HOW DO I APPLY?

  • This application is designed to assist us in determining whether your business is a natural fit for the suite of services we offer here at RMG and whether we are a match for your business needs. Don’t worry; if you don’t have a formal business plan, you can utilize the open-ended questions in this application to tell us about your concept, where you think it is going, and what struggles you are facing. The more information we have, the better. If any particular question is not applicable, please place “N/A” in the appropriate context.

 

  • If your application is selected as one of the finalists, we will contact you to schedule a follow-up interview. Given the currently fluctuating state of public health, the interview may be conducted virtually.

 

  • Applications are due by July 31, 2020 at 11:59 p.m. EST.

 

 

WHAT IF I DON’T HAVE ALL THE ANSWERS YET?

We know all of this paperwork may seem daunting; truly, we ask that you use this application as a guide and fill out the questions that you think will best help us to understand your business, your vision for the future, and how our services can provide the most value for you. We look forward to hearing from you!