The city’s economic arm has announced a “Baltimore Business Recovery Fund” to aid businesses that suffered property damage or inventory losses during the April 27 riot.

The goal is to raise $15 million, William H. Cole, president of the Baltimore Development Corporation (BDC), said today.

The money will be used to fund zero-interest loans of up to $35,000 per business that “may be convertible into grants if certain benchmarks are met,” he said.

More than $200,000 Raised

The recovery fund was kicked off at the Greater Baltimore Committee’s annual meeting on Monday. The GBC called on members to text donations to the fund and said it would match the amount up to $50,000.

The campaign has so far resulted in more than $200,000 committed, Cole said in today’s press release. More about contributing here.

The number of businesses damaged by the civil unrest – stemming from the death of Freddie Gray in police custody – has risen to 350. Many businesses are in the West North Avenue corridor, but there was sporadic looting across West Baltimore, East Baltimore, Cherry Hill and elsewhere.

Many of the owners have limited or no insurance coverage – and some businesses were so severely damaged that they remain closed two weeks after the riot.

Impacted businesses can contact the BDC through www.BaltimoreBusinessRecovery.org.