Financial Assistance Programs & Business Resources
Small Business Administration (SBA)
Provides growing businesses with long-term, fixed rate financing for major assets, such as land and building. A Certified Development Company is a nonprofit corporation set up to contribute to the economic development of its community or region.
Funding is available for:
► Acquisition of land
► Machinery and equipment
► Construction and renovation, resulting in the creation of new full-time job opportunities
Generally used to meet both short-term and long-term needs of small businesses that cannot obtain financing on reasonable terms through normal lending channels. The program operates through private sector lenders that provide loans which are, in turn, guaranteed by the SBA. Must meet the underwriting criteria of the submitting bank and the SBA.
Provides resources to assist in the development, expansion and retention of resident businesses.
Services provided include:
Services provided include:
- Assistance with development of a business plan
- Assistance in analyzing the market for a particular product or service
- Managerial and technical support services
- One-on-one counseling
- Reference materials
Maryland State Programs
Tax Credits for Historic Properties
Town of Bel Air
Properties which have been designated as local historic sites are eligible for local property tax credits in the amount of 10% of the total cost for exterior rehabilitation or 5% of the total cost of compatible new construction.
State of Maryland
Provides Maryland property tax credits equal to 25% of the qualified capital costs expended in the rehabilitation of a “certified heritage structure”. Expenditures must exceed $5,000 within a 24 month period for owner occupied residential property, and the greater of the adjusted basis of the structure or $5,000 for all other property.
Maryland offers many different tax incentives for businesses.
- Job creation tax credits
- One Maryland economic development tax credit
- Enterprise zone tax credits
- Research and development tax credit
- Brownfields tax incentives
- Empowerment zone incentives
The Department of Labor, Licensing and Regulation provides recruitment and screening services based on the specifications of a company at no cost. It maintains a state and nationwide data base of prospective job seekers. It also has special recruitment centers for professional and technical workers.
BUSINESS SUPPORT AGENCIES
Bel Air Economic & Community Development Commission (ECDC)
Assists in the development of projects in the Town of Bel Air, related to economic development, commercial revitalization, parking, landscaping, informational and promotional brochures.