Other Funding Options

Once you have determined the amount of financial capital required to start or grow your business, our team will help you navigate the variety of funding options available depending on the business type and stage.

General Resources

• Maryland Department of Commerce: provides a variety of funding programs, from grants to loans to equity investments for early to established companies based in Maryland.
• Maryland Industrial Partnerships (MIPs) Program: MIPs brings companies together with University of Maryland based researchers to accelerate the commercialization of intellectual property. Businesses from start-up to established concerns have been awarded MIPs grants to develop products, processes or training materials.
• Small Business Administration (SBA) loan guarantee: While the SBA does not loan money directly, it does provide a guarantee to affiliated banks, allowing businesses without a strong credit history an opportunity to borrow money.

For Businesses In Howard County

• Catalyst Loan Fund: The Catalyst Fund, powered by the Howard County Economic Development Authority (HCEDA), is part of Maryland’s Video Lottery Terminal Small, Minority and Woman-Owned Business Account initiative. The fund is a locally managed source of capital used to finance start-ups and expanding businesses statewide whose projects will create permanent jobs and leverage private sector investment. Catalyst is a Revolving Loan Fund (RLF) – as borrowers repay Catalyst Fund loans, the principal and interest payments are returned to the fund for lending to other businesses to create more jobs and investment opportunities.
• LIFT Fund – Microloans: 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. HCEDA also has resources at its Maryland Innovation Center (MIC) to supplement the funding, with the goal of better positioning the loan recipient for success. For example, if a small business wants to obtain a microloan and HCEDA determines that the owner need business coaching/training as a requirement, the owner will find resources available at the MIC.
• Route 1 Property Tax Credit The Howard County government is committed to stimulating and increasing investment in businesses throughout the County. At the initiation of the County Executive, and with the support and approval of the County Council, the County has established a real property tax credit to encourage reinvestment in Route 1 properties. This tax credit will foster and encourage renovations, rehabilitation and upgrades of commercial and industrial property that front Route 1. This tax credit can be applied to improvements to both the buildings and the land on properties with less than 15 acres that are adjacent to Route 1 or adjoining Route 1 parcels and visible from the roadway.

Technology or Intellectual-Property (IP) Based Companies

Maryland Technology Economic Development Corporation (TEDCO)

Provides seed-stage funding and working capital loans for companies based in technology or other intellectual property, especially when transferred out of a research institution.

Funding Opportunities for Minority-Owned Businesses

• Amber Grant for Female Entrepreneur
• Black Founder Startup Grant
• Black Restaurant Accelerator Program
• Digital Undivided Fellowship

Other Funding Opportunities

Here are a few other grant and loan opportunities currently available to business owners seeking financial assistance:

• BGE Energizing Small Business Grants Program
• Catalyst Loan Fund for Small Business
• ExportMD Grant Program
• GoFundMe Small Business Relief Matching Grant
• Halstead Grant for Jewelry Designers
• Health Care Quality Accounts Grants Program
• Howard County Equal Business Opportunity (EBO) Program
• MARBIDCO “RELIEF Act” Agriculture Grant Programs
• Maryland Small Business COVID-19 RELIEF Grant Program
• Restaurant Revitalization Fund
• SBA Launches Portal to Begin Accepting Shuttered Venue Operators Grant Applications on April 8th
• TEDCO Grants Now Available for Innovation, Stem Cell Research, Rural Business Innovation and More

Other Business & Development Resources

• The Small Business Guide to Cybersecurity
• The Latino Economic Development Center
• The Maryland SBDC COVID-19 Business Survival Guide
• The Nav PPP Loan Calculator Helps Business Owners Estimate Their Potential PPP Loan Amount
• New Paycheck Protection Program (PPP) Loans: How to Qualify and Apply
• PPP Extension Act of 2021 (Application Deadline Extended to May 31st)
• UMD Summer Global Marketing Internship and Consulting Programs