Carroll County offers a variety of financing incentives designed to help your business grow. Packaged financing from low interest loans to job training grants, incentives are customized to each individual project. The following incentives may be available for development projects:
Industrial Revenue Bonds
Carroll County can authorize the use of an IRB to help fund a particular project. Tax exempt IRB's can be offered to manufacturing or other development projects meeting eligibility criteria. Eligible IRB projects costs typically begin at one million dollars. Funds can be used for land, machinery and building construction/renovation. Interest rates vary and the use of a bond counsel is necessary.
At no cost, Carroll County will prepare the legal resolution authorizing the project for an IRB and facilitate its presentation to the appropriate body.
Economic Development Trust Fund
The Department has a trust fund available to help fund project specific costs. When eligible, the department may offer grants or low-interest loans for a variety of needs.
Job training funds may be available to help employers hire Carroll County workers. Job training money is based on the number and quality of jobs created.
The Carroll County Small Business Development Center (SBDC) works with Small Business Administration (SBA) programs designed to aid small businesses. Financing options may include loans or loan guarantees. Check out the SBDC web site for more information.
Examples of programs include:
- Neighborhood Business Development Program
- Carroll County Development Corporation
- SBA 504 Loan Program
In-kind assistance is offered through the Business & Employment Resource Center (BERC). A one-stop workforce development center, BERC aids employers in finding qualified employees through job postings, recruitment fairs, employment screening, labor and wage data and other information. Go to http://www.carrollworks.com and explore how BERC can help you with employment issues.
The Maryland Department of Business and Economic Development promotes a variety of programs to help business development. Programs range from job training programs to venture capital. For detailed information on DBED's programs, visit www.choosemaryland.org.