Business Resources

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.

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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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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.

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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.