Financing & Incentives

LOCAL PROGRAMS

Carroll County offers a variety of financing incentives designed to help your business grow. From low interest loans to job training grants, financing packages and incentives are customized for each individual project. The following incentives may be available for development projects: (click to expand details)

Job Creation Tax Credit Program

To entice job creation, Carroll County has instituted a Job Creation Tax Credit program. The program allows for a tax credit against the County property tax imposed on real property owned by a business entity.

 

The program provides a tax credit incentive based on increased employment. A business must construct or expand by 5,000 square feet and employ 25 persons in new full-time positions within the first 24 months. The positions must be new to the state and pay at least 125% of the Average Weekly Wage per worker as determined by the Maryland Department of Labor, Licensing and Regulation.

 

For more information click here or contact Paige Sunderland, Business Development Manager, at psunderland@carrollbiz.org.

Gateway Renovation Tax Credit Program

In an effort to promote redevelopment and revitalization of the Finksburg MD 140 commercial corridor, Carroll County offers a Gateway Tax Credit program. The county recognizes that redevelopment can be a costly and difficult process to undertake. The Gateway Renovation Tax Credit program acts as a catalyst to encourage eligible property owners to visually enhance their properties.

 

The tax credit is only granted for improvements that significantly improve the overall appearance of the property. The tax credit is based on the percentage of the improvement cost compared to the current assessed value of the property. Tax credits can be available for up to five years.

 

Eligible properties are those zoned for commercial or industrial use and located on or adjacent to the MD 140 corridor, from the Carroll County line to Sandymount Road. Qualified improvements can include improvements to the exterior façade, landscaping or other physical exterior site improvements such as signage, lighting, sidewalks and pedestrian plazas.

 

The ordinance is available for viewing here or contact Paige Sunderland, Business Development Manager, at psunderland@carrollbiz.org.

Property-Assessed Clean Energy financing program (PACE)

In effort to encourage the finance of energy efficient and renewable energy projects and upgrades, Carroll County participates in the Property-Assessed Clean Energy financing program (PACE). This program is available to commercial and industrial properties.

 

The program aims to encourage energy-saving investments. With approval from the mortgage holder, a property owner will repay the loan through a surcharge on the property tax bill. The surcharge becomes the first lien on the property until it is paid in full, regardless of ownership.

 

For more information click here or contact Paige Sunderland, Business Development Manager, at psunderland@carrollbiz.org.

Industrial Revenue Bonds (IRB)

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 five 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.

Job Training

Job training funds may be available to help employers hire and train new workers. The availability of ob training money is determined on a case-by-case basis.

In-Kind Services

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 and employment screening. Labor, wage data and other important information is also available through BERC. Go to www.carrollworks.com to explore how BERC can help you with employment issues.

Economic Development Infrastructure Fund

The Infrastructure Fund may be available for significant economic development projects. The fund was established to be used for specific costs relating to a business relocation or expansion. Incentives are customized for each individual project. When appropriate, the department may offer grants or low interest loans.

STATE FINANCING PROGRAMS

The Maryland Department of Commerce promotes a variety of programs to help business development.  Programs range from job training programs to venture capital.  For detailed information, visit http://commerce.maryland.gov/