Business Financing Options
The Greatest Resources for Greatest Needs
Howard County’s commitment to bolstering funding access for small and minority-owned businesses produces strategic investment and economic growth for the entire region. The HCEDA stands ready to guide business leaders toward financing options tailored to their specific requirements — whether it’s microloans accessible through the LIFT Fund or revolving loans through the Catalyst Fund designed to fortify the small business ecosystem over the long term. In Howard County, a personalized approach ensures that every business finds the financial support it needs to thrive.
- Business Finance Form
- Cyber Howard Accelerator
- Maryland Department of Commerce Funding
- Maryland Industrial Partnerships
- Maryland Technology Economic Development Corporation (TEDCO)
- FLEX Business Line of Credit
- Catalyst Fund Loans for Small Business
- LIFT Microloan Fund
- Collateral Assistance Fund
- Other Funding Options
- Apprenticeship Retention Grant
Fast Facts
Best State for Minority Entrepreneurs (Maryland)
Loaned to Small Businesses in the Greater Baltimore Area in FY’22
Awarded to Minority-Owned Small Businesses through HoCo RISE Grant Program
FLEX Business Line of Credit
If you have a cash flow shortfall and are looking for short-term capital to bridge the gap, the FLEX Line of Credit may be able to help! Businesses in Howard County can now apply for lines of credit between $30,000 and $100,000. This program is perfect for businesses that might not qualify for regular bank loans but still have great potential.
Catalyst Fund Loans for Small Business
The Catalyst Fund’s goal is to provide access to capital to growth-oriented businesses that are in pre-banking stage. It helps businesses to bridge gaps in existing/available funding options.
LIFT Microloan Fund
The HCEDA’s Leveraging Investment for Future Transformation Fund, or “LIFT” Fund, enables HCEDA to provide microloans ranging from $10,000 to $30,000 to small businesses for a 3–5-year term.
Collateral Assistance Fund
The Collateral Assistance Fund is designed to aid eligible small businesses with obtaining HCEDA Catalyst loans, a financing source these businesses would otherwise qualify for, if sufficient collateral were available.
Apprenticeship Retention Grant
Funded by Howard County’s Economic Development Incentive Fund
This grant supports Howard County employers who retain apprentices beyond their first year. Eligible employers can receive $5,000 per apprentice (up to $15,000 per employer) for second-year training and costs for related instruction.
Maryland Resources Bolster Local Businesses
Statewide financing and grant opportunities are tailored to support both local businesses and prospective firms eyeing a move to Howard County. One such initiative is Advantage Maryland (also known as the Maryland Economic Development Assistance Authority and Fund (MEDAAF) — a strategically focused grant program aimed at fostering economic development. The state also extends support through the Community Development Block Grant (CDBG) program, which can be flexibly deployed by local jurisdictions in the form of conditional grants to bolster commercial and industrial development projects. For business contemplating expansion within designated Opportunity Zones, Maryland provides enhanced tax credits to companies that meet specific criteria.
The Route 1 Property Tax Credit
Aimed at incentivizing the revitalization and refurbishment of commercial and industrial properties in proximity to Route 1 and adjoining parcels, the Route 1 property tax credit in Howard County is a strategic investment initiative offering substantial benefit to property owners. The credit covers 125% of verified expenses incurred for eligible improvements, which is applied to the annual property tax. Any unused portion may be carried over for a period of up to four years — contingent on the total real property amount.
Keeping Howard County Businesses Growing
Fuel your growth in Howard County with a myriad of financing options. The Catalyst Fund, powered by the HCEDA, taps into proceeds from Maryland’s Video Lottery Terminal initiative, channeling them into loans tailored for small and minority-owned businesses. Additionally, the Howard County Leveraging Investment for Future Transformation (LIFT) Fund offers microloans spanning from $10,000 to $30,000 — providing crucial financial support for working capital, inventory and equipment purchases, improvement costs and similar expenses. To apply for the LIFT Fund, fill out our application and detailed form and submit your form to edamicroloans@hceda.org. The HCEDA can also connect small business owners to financing opportunities at the Maryland Innovation Center, the Maryland Department of Commerce and specialized technology loans offered by the Maryland Technology Economic Development Corporation (TEDCO).
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