In recognition of Maryland Economic Development Week, the Maryland Department of Business and Economic Development (DBED) will be highlighting its financial assistance, tax credit and other business assistance programs throughout the week to ensure that the State’s business community is informed and educated on the resources and tools that exist to help them create and retain jobs, and expand their operations in Maryland.

“DBED is continuing to give Maryland businesses the tools they need to start or expand and make good business decisions,” said DBED Secretary Christian S. Johansson. “By continuing to promote these programs through our partners, in the media and on our website, we are ensuring that our business community is informed and connected to the resources critical to growing and adding jobs.”

A brief description of each financing program is below. For more detailed information on these programs, as well as a list of other state and federal economic development assistance programs, visit DBED’s website or download a copy of the Department’s new Financing and Incentives brochure here.

Maryland Economic Development Assistance Authority and Fund: Funds loans, grants, and investments to support economic development initiatives, including business attraction and retention, infrastructure support, brownfield redevelopment, arts and entertainment districts, daycare, revolving loan funds and local strategic planning.

Economic Development Opportunities Fund (Sunny Day): Supports extraordinary economic development opportunities that create and retain employment as well as create significant capital investments.

Maryland Industrial Development Financing Authority: Encourages private sector investments through the use of insurance, the issuance of tax-exempt and taxable revenue bonds and linked deposits which reduces a lender’s risk. All projects must be in a Priority Funding Area.

Maryland Venture Fund: Makes direct investments in technology and life science companies and indirect investments in venture capital funds through Challenge Investment and Enterprise Investment Fund Program.

Maryland Small Business Development Financing Authority: Provides financing for small businesses that are not able to qualify for financing from private lending institutions or owned by socially and economically disadvantaged persons.

Federal financing programs administered by DBED include:

Community Development Block Grant Program: Assists local governments with implementing commercial and industrial economic development projects to be used for public improvements for business start-up or expansion or business loans.

Maryland Economic Adjustment Fund: Assists business entities in the state with modernization of manufacturing operations, development of commercial applications for technology, and exploring and entering new markets.

Maryland Economic Development Week was created to bring together the State’s economic development community to share best practices and recognize State and local economic development success stories. The weeklong celebration includes a number of events and receptions hosted all over the State by county economic development offices, tourism councils and other business organizations. The week will conclude on Friday, October 28 with the Maryland Economic Development Association’s Fall Conference and 50th anniversary celebration on Friday, October 28 at Turf Valley Conference Center in Ellicott City, featuring panel presentations on creating and retaining jobs and what State tools exist to spur economic activity. A lunch awards presentation will feature remarks from Lt. Governor Anthony Brown and U.S. Treasurer Rosie Rios as the keynote speaker. For a full list of Economic Development Week events and activities, click here. Yesterday, Secretary Johansson joined Greater Baltimore CEO and President Donald C. Fry and more than 50 economic development, business and community leaders yesterday at Rocky Gap Lodge and Golf Resort in Allegany County to kick off Economic Development Week.

ABOUT DBED: The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.