Maryland Economic Development Week: Highlighting State’s Financial Assistance Programs
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 Dominick Murray. “By continuing to promote these programs through our partners, through social 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.”
Greg Cole, Director of DBED”s Financing Programs, sat down with MdBizNews to talk about the importance and goal of the State’s financial assistance programs, and how DBED can assist businesses.
“Providing capital access, where it may not otherwise be available, is an important part of driving economic development here in Maryland,” said Cole. “Our mission is to leverage the State’s dollars to encourage as much private sector investment as possible. On average, our return on investment is $10 in tax revenue for every $1 that we contribute over the lifespan of a project.” To hear more of Greg Cole’s interview, click here.
A brief description of select financing programs 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.
Maryland Economic Development Assistance Authority and Fund (MEDAAF): 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 (MIDFA): 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 (MSBDFA): 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.
Maryland Economic Adjustment Fund (MEAF): Assists businesses with modernization of manufacturing operations, development of commercial applications for technology, and exploring and entering new markets.
Military Personnel and Veteran-Owned Small Business Loan Program: Offers no interest loans for businesses owned by military reservists, veterans, National Guard personnel and for small businesses that employ or are owned by such persons.
Community Development Block Grant Program (CDBG): 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.
Started in 2011, Economic Development Week highlights initiatives for improving business retention, job growth and the overall quality of life for Maryland’s citizens and includes a number of events and receptions hosted all over the State by county economic development offices and business organizations. For a full list of Economic Development Week events and activities, click here.
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, visitwww.choosemaryland.org.
Karen Glenn Hood
Director, Media Relations and Public Affairs
Maryland Department of Business & Economic Development
401 E. Pratt Street, Baltimore, MD 21202
O 410-767-6318 | C 443-463-8129 | karen.glennhood@Maryland.gov