Fund Formed To Aid Baltimore Businesses Hurt By Riots

BALTIMORE (AP) -- Baltimore's economic development arm is seeking to raise $15 million to help businesses recover from riots and looting sparked by the death of Freddie Gray.

The Baltimore Development Corp. said Wednesday it will use the Baltimore Business Recovery Fund to make no-interest loans of up to $35,000 to businesses with property damage or inventory losses. The nonprofit corporation says about 350 businesses were affected.

The corporation says the loans may convert to grants if certain benchmarks are met.

The fund has gotten commitments totaling $200,000 through a campaign organized by the Greater Baltimore Committee.

The Small Business Administration has released a preliminary estimate of $9 million in uninsured physical property damage from the civil unrest.

Gray was a 25-year-old black man who suffered a fatal spinal injury in police custody.