Funding Sources
Frederick County Small Business Revolving Loan Program
This loan program, administered by the Frederick County Office of Economic Development and local SBDC, provides gap financing for existing and aspiring small business entities in Frederick County, Maryland. It provides loans from $2,500 to $50,000 for growth-related expansion projects to existing businesses and provides funds for the purchase of real estate, machinery, equipment, inventory, working capital and renovation of real estate to start-up businesses (or those in business for less than two years). For more information click here.
Downtown Frederick Partnership Façade Improvement Program
The Façade Improvement Project offers up to $10,000 in matching funds for façade improvements in Downtown Frederick. Building and business owners can apply for up to 50 percent of the cost of their improvement project. The maximum grant contribution by the Partnership is $10,000. The minimum grant contribution is $500. The goal of the project is to encourage building renovation, historic preservation and improved economic vitality by providing funding to upgrade Downtown Frederick building façades. For more information or for an application,
click here.
Below is a listing a few such programs available through DBED. The City’s Department of Economic Development connects businesses with DBED programs and representatives that best met your business needs.
- Partnership for Workforce Quality
The PWQ provides matching skill upgrade training grants and support services targeted to improve the competitive position of small and mid-sized manufacturing and technology companies. PWQ grants are used to increase the skills of existing workers for new technologies and production processes, improve employee productivity and increase industry employment stability. PWQ matching grants are made directly to companies as well as through a number of manufacturing, software industry and ISO 9000 consortia programs working in cooperation with DBED.
- Maryland Industrial Development Financing Authority (MIDFA)
MIDFA encourages private sector financing in economic development projects located in Priority Funding Areas. MIDFA facilitates capital access by issuing private activity revenue bonds and can provide credit insurance in the form of a deficiency guaranty to reduce lender’s risk. While the transaction size is generally not limited, the credit enhancement is subject to the applicable program limits.
- Maryland Economic Development Assistance Authority and Fund (MEDAAF)
There are five financing capabilities offered through the Maryland Economic Development Assistance Authority and Fund (MEDAAF), with assistance being provided to the business community and political jurisdictions. To qualify for assistance from MEDAAF, applicants are restricted to businesses located within a priority funding area and an eligible industry sector. With a few exceptions, assistance cannot exceed 70 percent of the total project costs unless the recipient is the Maryland Economic Development Corporation (MEDCO), which can request 100 percent assistance.
- DBED Tax Credit Programs
DBED offers several tax incentives for various activities within the state, include a Biotechnology Investment Tax Credit and Job Creation Tax Credit. For more information, please visit their website.
University of Maryland – Maryland Industrial Partnerships (MIPS)
Developed to assist companies in the development of new and improved products, services or processes that will help businesses compete in their markets and that will lead to economic benefit to the state. MIPS provides matching funds for technology-based research projects at the University System of Maryland's (USM) 13 institutions. This is an opportunity for companies to gain leverage for their R&D dollars, expertise and the use of specialized facilities at any of the USM institutions.
TEDCO Funding
The Maryland Technology Development Corporation provides a variety of funding programs in relation to technology development and technology transfer. For details on the programs below visit the website. Programs include:
- Fort Detrick Technology Transfer Initiative (FDTTI)
TEDCO and The Frederick County Office of Economic Development (FCOED) have contracted with the U.S. Army Medical Research and Materiel Command (USAMRMC) to facilitate transfer of technology. Technology development projects will be considered within the scope of the FDTTI if the company can show how the proposed technology will meet the technology needs of USAMRMC (Spin-In) and/or the commercialization of USAMRMC technologies (Spin-Out). Funding for the FDTTI is provided by Congress.
- Maryland Minority Research and Development Initiative
The objective of the MMRDI is to increase minority- and women-owned businesses’ access to federal grants for early stage research and development projects through the provision of targeted training and business assistance, pre-submission proposal reviews, and access to the equipment and expertise of the University of Maryland and federal laboratories within the State of Maryland. SBIR/STTR grants are the chosen funding vehicles for this program.
- Working Capital Loan Fund
Provides loans to early stage technology-oriented companies located in the state of Maryland. Loans of between $15,000 and $50,000 are available to be used for working capital in order to assist a company with expansion, market entry, or other initiatives.
- Maryland Technology Transfer Fund
The goal of the Maryland Technology Transfer Fund (MTTF) is to provide funding for Maryland companies who wish to develop technology-based products and/or services in collaboration with the Universities and/or Federal Laboratories in Maryland. The focus of the program is support of company technology development projects that transfer technology to the commercial sector from any university or federal laboratory in Maryland. A secondary focus is on development of technology-based products and/or services for future government procurements.
- Maryland Stem Cell Research Fund - Established in 2006 and continued through an appropriation in Gov. Martin O'Malley's annual budget, the purpose of the Fund is to promote state-funded stem cell research and cures through grants and loans to public and private entities in the State. Funding opportunities include Investigator-Initiated Grants, Exploratory Research Grants and Post-Doctoral Fellowship Grants. To date, over $36 million and 86 research applications have been funded in the first two years and our third years of the program with a budget of $19 million is currently under way. To learn more, visit www.mscrf.org.
- Rural Business Innovation Initiative-2 (RBI - 2) - designed to enhance commercialization activities and provide technical and business assistance to small early-stage technology based companies in the rural areas of Maryland as defined by the Rural Maryland Council. Providing intensive technical and general business assistance is a cornerstone of this program connecting companies to business resources and federal laboratory and university research opportunities. The goal is to help companies move to the next growth level. Assistance is provided at no cost to the company. To learn more, visit the TEDCO Webiste.