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Commissioners Approve $2 Million Invest Allegany Grant

January 28th, 2022 by WCBC Radio

The Allegany County Commissioners Thursday approved two million dollars to enable significant development for businesses in the downtown core of Cumberland, Frostburg, as well as Main Streets in other municipalities across Allegany County. “Invest Allegany” is a one-time project funded by Allegany County Government with the goal being to create long term value in the community. The program relies on a loan to grant model that will offer forgiveness of loans after 12 months pending the completion of benchmarks. No repayment is required during the first year of the program while construction and upgrades are taking place. The program will provide a dollar-for-dollar match. Commissioners President Jake Shade said the program will create the opportunity for new jobs throughout the county, will encourage direct investment, preserve existing structures and increase the value of commercial and residential units…