Successfully running a small business takes energy, a keen eye, and sometimes, a little financial boost. If you’re a business owner in Maryland, there are many financial incentives and programs available to help grow your business. The following are some of the top opportunities available to you.
Exploring Incentives for Maryland’s Small Businesses
The Maryland Department of Commerce is a key partner for small businesses. They offer many funding programs to help companies grow and thrive. Here are some financial incentives if you have a small business:
· Maryland New Start Microloan Program. Dreaming of starting your own business? This program offers loans of up to $50,000, at zero interest, to help you start your entrepreneurial journey.
· ExportMD Program. Going global? Offset some of your costs through this program. Maryland’s small and mid-sized businesses can get reimbursed up to $5,000 for expenses tied to international marketing projects.
· Microenterprise Loan Program. This program provides flexible financing to help start or expand businesses in designated sustainable communities and priority funding areas across Maryland
· Maryland Capital Access Program. Need help securing business financing? This program encourages banks to lend to small businesses that find it difficult to get funding.
· Maryland Alcohol Manufacturing Promotion Grant. Crafting beer or distilling spirits? This grant supports nonprofit organizations and state/local government units to help grow Maryland’s breweries, distilleries, and wineries.
· Neighborhood Business Works. This program is ideal for new or expanding small businesses and nonprofit organizations in sustainable communities and priority funding areas. It offers flexible financing options.
· Child Care Capital Support Revolving Loan Fund. A great option if you are a childcare provider under Maryland’s Child Care Scholarship Program. This fund provides loans at zero interest.
· Small Business Cybersecurity Resilience in Maryland. This program offers training and direct services for up to 40 small businesses to help fend off cyberattacks. Small businesses can receive advanced hardware and software worth up to $10,000.
· Maryland Economic Adjustment Fund. Specifically for underserved businesses with fewer than 50 employees, MEAF provides loans of up to $150,000.
· Maryland Small Business Development Fund Authority. If you need help to get adequate financing through normal channels, the MSBDFA can assist with reasonable business financing terms.
· Small Business Relief Tax Credit. If your small business provides employees with paid sick and safe leave, you could be eligible for a refundable tax credit.
· Small, Minority, and Women-Owned Business Account - Video Lottery Terminal Fund (VLT). This initiative uses proceeds from video lottery terminals to finance qualifying small, minority, and women-owned businesses in targeted areas near Maryland’s six casinos.
· TEDCO Funding Programs. The Maryland Technology Development Corporation manages these programs. TEDCO aims to assist Maryland businesses to develop and commercialize new technology-based products.
Navigating Your Way to Financial Success
Knowing your options is the first step to financial success. Taking control of your financial journey is about finding the right balance of resources to help your small business prosper. Here are a few tips to help you make the most out of these programs:
Understand Your Needs
You must first know what your business needs to pick the right financial aid. Is it more funds for overseas marketing? A boost in technology development? Or is it assistance in providing better benefits for your staff? Knowing the answers to these questions helps you match your needs with the right funding program. For instance, the ExportMD Program may be a good fit if you want to take your business global.
Do Your Homework
Don’t just skim the surface. It’s essential to delve deeper into what each program offers. Research their terms, eligibility criteria, deadlines, and benefits. Take the Child Care Capital Support Revolving Loan Fund as an example; although it provides no-interest loans, you should also explore how to qualify, what the loan covers, and when to apply.
Ask for Help
Don’t feel that you have to do this all alone. There’s help available; reach out to Woodsboro Bank’s Business Banking Team for further information or clarification, or network with other business owners who have used these programs.
They can offer practical insights based on their experiences, or you can also consult with financial advisors. They can provide a fresh perspective and help tailor a financial strategy that suits your business needs.
Apply With Confidence
Once you’ve researched and received advice, it’s time to take action. Prepare your applications thoroughly. Ensure all your documentation is in order. Double-check all the details. Remember, a well-prepared application increases your chances of approval.
Stay Open to Opportunities
Keep an open mind; as your business grows, your needs may change. Stay updated on the latest funding programs and regularly review your financial strategy. Be ready to seize new opportunities as they come.
Partnering With Woodsboro Bank
At Woodsboro Bank, we’re here to support you every step of the way. As your financial partner, we’ll help you explore and access small business loan options that suit your needs. Contact us today, and let’s work together to turn your business dreams into reality.
Sources:
https://business.maryland.gov/resources/funding-programs
https://commerce.knack.com/maryland-funding-incentives
https://commerce.maryland.gov/fund/child-care-capital-support-revolving-loan-fund
https://commerce.maryland.gov/fund/programs-for-businesses/exportmd-program
https://commerce.maryland.gov/fund/maryland-alcohol-manufacturing-promotion-fund/
https://commerce.maryland.gov/fund/Pages/Maryland-Capital-Access-Program.aspx
https://commerce.maryland.gov/fund/programs-for-businesses/meaf
https://commerce.maryland.gov/fund/maryland-new-start-microloan-program
https://commerce.maryland.gov/fund/programs-for-businesses/msbdfa
https://dhcd.maryland.gov/Business/Pages/microenterprise.aspx
https://dhcd.maryland.gov/Business/Pages/NBW.aspx
https://dhcd.maryland.gov/Pages/ProjectRestore/default.aspx
https://commerce.maryland.gov/fund/small-business-cybersecurity-resilience-in-maryland
https://commerce.maryland.gov/fund/programs-for-businesses/small-business-relief-tax-credit
https://commerce.maryland.gov/fund/programs-for-businesses/vlt
https://www.tedcomd.com/funding