Maryland and the Greater Baltimore area encourage economic development through a wide variety of incentives. The financing resources and incentives featured may not be an exhaustive list, but illustrate many of the opportunities for business in the region.
Maryland Financing Resources
Maryland World Class Manufacturing Consortium
This nonprofit organization's goal is to work with Maryland members toward becoming "World Class Manufacturers." Excellence is pursued by using specific criteria, measurements, training, and implementation assistance to reduce waste and variability, expand markets, and increase wages and profits.
Maryland Economic Development Assistance Authority and Fund
Five financing capabilities are offered in this incentive program. The assistance is provided to a business or Maryland Economic Development Corporation as a loan and the maximum assistance cannot exceed the lesser of $10 million or 20 percent of the current fund balance.
Maryland Industrial Development Financing Authority
This program encourages private sector financing for economic development projects in the Priority Funding Area. It encourages the use of insurance, the issuance of tax-exempt and taxable revenue bonds and linked deposits. Insurance use reduces a lender's risk in the project to an acceptable level.
The Manufacturing Extension Partnership
Small and medium-sized manufacturers can get assistance with process improvement, energy audits, financial planning, quality management systems, business management systems, and more. Community Development Block Grant Program – Economic Development (CDBG–ED) Primarily concerned with providing funds to state and local governments for the creation and maintenance of affordable housing and livable neighborhoods, the CDBG-ED is also concerned with economic development within Empowerment Zones.
Maryland Economic Adjustment Fund
This fund provides loans within the state for the purpose of modernizing operations, developing commercial applications for technology, or to facilitate the exploration of new markets.
Maryland Small Business Development Financing Authority
The MSBDFA provides financial assistance to socially and economically disadvantaged persons who own small businesses within the State through contract financing, equity participation investment, and other programs.
Should you require any further information, please contact the Economic Alliance. We will be happy to provide additional assistance.