Business Financing

St. Mary’s County and the State of Maryland have a number of financing programs to assist small businesses.

St. Mary’s County Business Finance Programs:

• Community Development Corporation Guarantees
• Small Business Loan Guarantee Program provides guarantees for under collateralized loans for start up or early stage small businesses located in one or more of the County’s Priority Funding Areas.
• Industrial Revenue Bonds are tax exempt bonds financed by the County.
• Brownfields Incentives (Leonardtown) Encourage the cleanup and revitalization of Brownfields.
PILOT (Payment in Lieu of Taxes) allows property owners of rental complexes to pay an annual percentage of revenues rather than the traditional taxed rate on assessed value to maintain units at affordable rent level.
• IMPACT Fee Waiver/Deferral Program creates an incentive for builders and developers to create communities that are affordable for lower income residents.

For more information on the above programs please contact the St. Mary’s County Department of Economic & Community Development at 301-475-4200 ext. 1400.

State of Maryland Business Finance Programs

Direct Loan Guarantees provides financing for small businesses unable to qualify for financing from traditional lenders.

• The Contract Financing Program
• The Equity Participation Investment
• The Long-Term Guaranty Program
• The Surety Bonding Program
• Community Development Block Grant Economic Development Program provides funding to commercial industrial economic development projects.
• Maryland Economic Development Assistance Authority and Fund offers five financing capabilities with assistance provided to the business community and local jurisdictions.
• Maryland Industrial Development Financing Authority encourages private sector financing in economic development projects located in Priority Funding Areas.
• Maryland Venture Fund financed and operated by the MD Department of Business and Economic Development, makes direct investments in emerging technology and life sciences companies
• Tax Incentives are offered to businesses that create new jobs, hire disabled employees or employees from low-income population or make investments in targeted geographic areas.
• Maryland Grants Office provides businesses with resources to research potential funding opportunities, including federal and state grants, federal procurement and private foundations.
• Training Grants to assist Maryland businesses to retain and grow their existing workforce are offered by The Department of Labor, Licensing and Regulation, Division of Workforce Development. The program is intended     to provide a dollar for dollar match for grants designed to increase the skills of existing employees.

For a complete list or further information about the Maryland Department of Business and Economic Development (DBED) financing program’s contact your nearest regional economic development office or visit www.choosemaryland.org

Southern Maryland Regional Office:

Steve Wall
Regional Development Representative
15045 Burnt Store Road
P.O. Box 549
Hughesville, MD 20637
Phone: 301-274-9138
Fax: 301-274-1924
Email: swall@choosemaryland.org