| State: |
MD |
| Incentive Type: |
Cash Grants and Financing Incentives |
| Incentive Title: |
Direct Loans |
| Description: |
1. SIGNIFICANT STRATEGIC DEVELOPMENT OPPORTUNITIES: Loans provided for significant economic developments, up to a maximum of $10 million or 20% of the current fund balance.
LOCAL ECONOMIC DEVELOPMENT OPPORTUNITY: Direct loan or grant from the local jurisdiction in an amount equal to at least 10% of the state's financial assistance. Loans may be up to $5 million, while conditional loans and grants may be up to $2 million.
3. REGIONAL/LOCAL REVOLVING LOAN FUND & SPECIAL PURPOSE LOANS: Local jurisdictions have loan funds available for economic development purposes. Special purposes funds available for targeted industries/areas.
4. MARYLAND ECONOMIC ADJUSTMENT FUND (MEAF): /b>Loans available to assist with the modernization of manufacturing operations, development of commercial applications for technology and exploring and entering new markets.
5. SPECIAL PURPOSE LOANS: Loans are provided in specific funding areas viewed as critical to the state's economic development. |
| Eligibility Requirements: |
1. Designated for certain industries.
2. Business must provide a valuable economic development opportunity and must sponsor the business.
3. Based on local guidelines. Community must provide matching funds in order to receive funds from the state.
4. Applicants must demonstrate credit worthiness, ability to repay the loan and the loan must be used to relocated from one commuting area to another.Must be in a state-designated area. Maximum loan amount is $500,000.
5. Special purpose initiatives viewed as critical are Brownfield Revitalization Incentives, Seafood & Aquaculture, Animal Waste and Day Care Center programs. |
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
Dept. of Business and Economic Development |
|
|
