Incentives
Financial Programs
Financial Programs
Hagerstown Commercial Rehabilitation Loans
Hagerstown Department of Community Development - CDBG loans are available to bring a building, or commercial portion of a building, up to code. Eligible projects provide a public benefit, such as enhancements for low-to-moderate income and handicapped persons or blight eradication in locally designated areas.
www.hagerstownmd.org
Hagerstown Revolving Loan Fund
Loans available for existing or new businesses which will create or retain jobs or improve the economic condition and tax base within the City. Eligible costs include building acquisition, building rehabilitation, machinery and equipment, new construction, professional fees, working capital, and refinance existing debt in special circumstances. HRLF funds are intended to be used as gap financing following efforts to secure conventional financing. $30,000 max. for working capital or professional fee loan. $100,000 max. for securable assets.
www.hagerstownmd.org
Maryland Neighborhood BusinessWorks Program
Maryland Department of Housing and Community Development — Division of Neighborhood Revitalization — The Neighborhood BusinessWorks loan program provides gap financing, i.e. subordinate financing, to new or expanding small businesses and nonprofit organizations in locally designated neighborhood revitalization areas. Financing generally ranges from $25,000 to $500,000. Each project is reviewed for financial need, which may be up to 50 percent of total project costs. Refinancing is not considered part of the project cost.
www.neighborhoodrevitalization.org
Small Business Administration 504 Program
Expansion loans to for-profit small businesses. Funds are intended to be used for acquisition of land, building, machinery and equipment construction and renovation which results in the creation of new jobs. Up to 40% of eligible project costs, with a maximum of $1,000,000 or $1,300,000. Long-term, below market rate. Contact local lenders.
Tri-County Council Revolving Loan Fund
(866-372-4524) - Loans to new and expanding small to mid-sized businesses. The funds are to be used as gap financing, not to exceed 25% maximum of fixed asset costs or 50% maximum of working capital ($10,000 to 250,000). Maintenance and expansion of job opportunities is a program goal.
www.tccwmd.org
Small Business Administration Loan Guarantees
Contact local lenders
Community Reinvestment Act
Contact local lenders
Maryland Historic Preservation Grants
Maryland Historical Trust - Used for acquisition, rehabilitation, or restoration of historic properties listed in or eligible for listing in the Maryland Register of Historic Places.
www.marylandhistoricaltrust.net
Industrial Training Grants
Matching grants for employee training offered by Maryland's Industrial Training and Partnerships for Workforce Quality Programs.