State of Maryland Financing Opportunities
Maryland Economic Development Assistance
Authority and Fund (MEDAAF)
There are five financing capabilities offered
through this incentive program, with assistance being provided to the business
community and political jurisdictions. To qualify for assistance from MEDAAF,
applicants are restricted to businesses located within a priority funding
area and an eligible industry sector. With a few exceptions, assistance
cannot exceed 70 percent of the total project costs unless the recipient
is the Maryland Economic Development Corp. (MEDCO), which can request 100
percent assistance.
The specific capabilities are:
Significant Strategic Economic Development
Opportunities - A project that provides eligible industries with a
significant economic development opportunity on a statewide or regional
level.
* Assistance is provided
to a business or MEDCO in the form of a loan.
* Maximum assistance
cannot exceed the lesser of $10 million or 20 percent of the current fund
balance.
Local Economic Development Opportunity
- A business that provides a valuable economic development opportunity
to the jurisdiction in which the business is located and is a priority
for the governing body of that jurisdiction.
* The local jurisdiction
must sponsor the business and must participate in the form of either a
guarantee, a direct loan or a grant in an amount equal to at least 10 percent
of the State's financial assistance.
* Loans may be up to
$5 million, while conditional loans and grants may be up to $2 million.
Direct Assistance to local jurisdictions
or MEDCO - The Department may provide financial assistance to a local
jurisdiction for local economic development needs.
* The total amount of assistance cannot
exceed
$3 million.
* The use of funds includes land acquisition,
infrastructure improvements, acquisition of fixed assets, leasehold improvements,
up to 70 percent of the cost of a feasibility study and up to 50 percent
of the cost of preparing a local economic development plan.
Regional or local revolving loan fund
- Grants to local jurisdictions to help capitalize local revolving loan
funds.
* Eligible applicants include a county
or regional economic development agency, whether public or private. A jurisdiction
may transfer all, or a portion of its allocation to a regional revolving
loan fund.
* Each jurisdiction may receive a grant
of $250,000 annually with a $500,000 cap through June 30, 2003. DBED may
not make grants totaling more than $2 million per fiscal year.
* To qualify for a grant, the local government
must provide a matching grant of funds to the local revolving loan fund.
Special purposes loan - This loan
targets specific funding initiatives that are deemed critical to the State's
economic health and development.
* The specific program determines the level
and type of financial assistance provided.
* The special purpose initiatives required
by the Legislature include the Brownfield Revitalization Incentive, Seafood
and Aquaculture, Animal Waste and Day Care Centers programs.
* For more information about this program
please contact:
Timothy
Doyle - Central Region
Phone:
(410) 767-2369
Fax: (410)
333-6931
Greg Cole
- Southern and Western Regions
Phone:
(410) 767-6376
Fax: (410)
333-6931
Jim Henry
- Managing Director
Phone:
(410) 767-6353
Fax: (410)
333-6931
Economic Development Opportunities Fund
(Sunny Day Fund)
This fund promotes Maryland's participation
in extraordinary economic development opportunities that provide significant
returns to the State through creating and retaining employment as well
as the creation of significant capital investments.
* Applicants must possess a strong balance
sheet and be credit worthy.
* Projects must be consistent with the
State's strategic economic development plan.
* Substantial employment, particularly
in areas of high unemployment, must be created by the project.
* Participants must provide a minimum
capital investment of at least five times the amount of the Sunny Day assistance.
* For more information about this program
please contact:
Timothy
Doyle - Central Region
Phone:
(410) 767-2369
Fax: (410)
333-6931
Greg Cole
- Southern and Western Regions
Phone:
(410) 767-6376
Fax: (410)
333-6931
Jim Henry
- Managing Director
Phone:
(410) 767-6353
Fax: (410)
333-6931
Smart Growth Economic Development
Infrastructure Fund (One Maryland)
This fund promotes the creation of industrial
parks and other needed infrastructure in qualified distressed counties
though direct funding of projects identified in the local strategic plan
for economic development. The eligible recipients include a local government
and MEDCO.
* A qualified distressed county is defined
as a county, including Baltimore City, with a local strategic economic
development plan that has been approved by the Secretary. The jurisdiction
must also have an unemployment rate, for the most recent 18 months, of
at least 150 percent of the State's unemployment rate for the same period;
and an average per capita personal income, for the most recent 24 months,
at or below 67 percent of the State's per capita personal income for the
same period.
* The site must be located in a Priority
Funding Area.
* The use of funds include acquisition
and development of land for industrial sites, development of water and
sewer lines, construction of shell buildings and other infrastructure projects.
* For more information about this program
please contact:
Timothy
Doyle - Central Region
Phone:
(410) 767-2369
Fax: (410)
333-6931
Greg Cole
- Southern and Western Regions
Phone:
(410) 767-6376
Fax: (410)
333-6931
Jim Henry
- Managing Director
Phone:
(410) 767-6353
Fax: (410)
333-6931
Maryland Industrial Development Financing
Authority (MIDFA)
Encourages private sector financing in
economic development projects through the use of insurance, the issuance
of tax-exempt and taxable revenue bonds and linked deposits. The use of
insurance reduces the lender's risk in the project to an acceptable level.
The project must be in a Priority Funding Area.
* Insurance - insures loans made by financial
institutions up to 80 percent and not to exceed $2.5 million.
* Insurance of Bonds - insures bonds up
to 100 percent and not to exceed $7.5 million.
* Taxable Bond Financing - provides access
to long-term capital markets at generally favorable interest rates.
* Tax-Exempt Bond Financing - as restricted
by Federal tax law, can finance 501 c (3) non-profit organizations and
manufacturing facilities.
* Linked deposits - used to stimulate
the economic and employment growth of small businesses located in rural
areas with a qualifying high unemployment rate. To participate, lenders
must agree to provide an eligible business with a loan at below market
rates in exchange for having a certificate of deposit of equal value placed
with their institution.
* For more information about this program
please contact:
Timothy
Doyle - Central Region
Phone:
(410) 767-2369
Fax: (410)
333-6931
Greg Cole
- Southern and Western Regions
Phone:
(410) 767-6376
Fax: (410)
333-6931
Jim Henry
- Managing Director
Phone:
(410) 767-6353
Fax: (410)
333-6931
Maryland Small Business Development
Financing Authority (MSBDFA)
Provides financing for small businesses
and those owned by socially and economically disadvantaged persons.
* Contract Financing Program - loan guarantees
and direct working capital and equipment loans to socially or economically
disadvantaged businesses that have been awarded contracts mainly funded
by government agencies and/or public utilities.
* Equity Participation Investment Program
- direct loans, equity investments and loan guarantees to socially or economically
disadvantaged-owned businesses in franchising, in technology-based industries,
and for the acquisition of profitable businesses.
* Long-Term Guaranty Program - provides
loan guarantees and interest rate subsidies.
* Surety Bonding Program - assists small
contractors in obtaining bonding for primarily funded government or public
utility contracts that require bid, performance and payment bonds.
* For more information about this program
please contact:
Stan Tucker
Phone:
(410) 333-4270
Fax: (410)
333-2552
Community Development Block Grant
Program-Economic Development (CDBG-ED)
Provides funding to commercial and industrial
economic development projects. Program funds are dispersed to a local jurisdiction
in the form of a conditional grant and are then used for public improvements
or loaned to a business. Funding ranges from $200,000 to $1,000,000.
* Project must create employment for individuals
with low to moderate income in non-urban areas of the State.
* The political subdivision may be liable
if the project fails.
* The use of funds is fairly broad and
includes the acquisition of fixed assets and infrastructure and feasibility
studies.
* For more information about this program
please contact:
Les Hall
Phone:
(410) 767-6356
Fax: (410)
333-6931
Maryland Economic Adjustment Fund
(MEAF)
This Fund assists business entities in
the State with the modernization of manufacturing operations, the development
of commercial applications for technology and exploring and entering new
markets. The program is administered in accordance with the guideline imposed
by the Federal Government's Economic Development Act (EDA)
* Applicants must demonstrate credit worthiness,
ability to repay the obligation and inability to obtain financing on affordable
terms through normal lending channels.
* The maximum amount of the loan to any
one borrower is $500,000.
* State designated locations eligible
are Baltimore City and Baltimore, Howard, Anne Arundel, Harford, Queen
Anne's, Somerset, Worcester, Dorchester, Allegany and Washington counties.
* A loan may not be used to relocate jobs
from one commuting area to another
* For more information about this program
please contact:
Les Hall
Phone:
(410) 767-6356
Fax: (410)
333-6931
Maryland
- Main Finance and Loan Section
Investment
Programs - Maryland
Venture
Capital Programs in Maryland
 Grants
for ANY State! You have seen this crazy guy on TV. Now
you can get his grant book via an ebook which you can download instantly.
I think it's about $24. I do have a copy and it's "loaded" with grant info.
Mathew
Lesko Grants here |
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