* Historic Nathan Building (1st Floor): 2,600 square feet, ideal for Furniture Store or unique retail business to complement our bustling Main Street shopping district
* Historic Nathan Building (2nd Floor):
2,500 square feet
* Restored Historic Townhouse:
3,500 square feet, ideal for Law firm
* 513 Poplar Street: Looking for Restaurant Entrepreneur or Chef to open 2-story restaurant/bar with outside deck.
* 303 High Street: Renovation beginning spring 2008 to turn building into 2 retail spaces and apartments. Looking for retail tenants. 1400sf; will be delivered in finished shell condition with historic facade renovations complete. $13 psf net of utilities.
* 309 High Street: Renovation beginning spring 2008 to turn building into 2 retail spaces and apartments. Looking for retail tenants. 900sf; will be delivered in finished shell condition with historic facade renovations complete. $13 psf net of utilities.
Loan Programs
Maryland Economic Development Assistance Authority and Fund (MEDAAF)
There are five financing capabilities offered through this incentive program, 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 Corp. (MEDCO), which can request 100 percent assistance.
The specific capabilities are:
Significant Strategic Economic Development Opportunities - A project that provides eligible industries with a significant economic development opportunity on a statewide or regional level.
- Assistance is provided to a business or MEDCO in the form of a loan.
- Maximum assistance cannot exceed the lesser of $10 million or 20 percent of the current fund balance.
Local Economic Development Opportunity - A business that provides a valuable economic development opportunity to the jurisdiction in which the business is located and is a priority for the governing body of that jurisdiction.
The local jurisdiction must sponsor the business and must participate in the form of either a guarantee, a direct loan or a grant in an amount equal to at least 10 percent of the State's financial assistance.
Loans may be up to $5 million, while conditional loans and grants may be up to $2 million.
Direct Assistance to Local Jurisdictions or MEDCO - The Department may provide financial assistance to a local jurisdiction for local economic development needs.
The total amount of assistance cannot exceed $3 million.
The use of funds includes land acquisition, infrastructure improvements, acquisition of fixed assets, leasehold improvements, up to 70 percent of the cost of a feasibility study and up to 50 percent of the cost of preparing a local economic development plan.
Regional or Local Revolving Loan Fund - Grants to local jurisdictions to help capitalize local revolving loan funds.
Eligible applicants include a county or regional economic development agency, whether public or private. A jurisdiction may transfer all, or a portion of its allocation to a regional revolving loan fund.
Each jurisdiction may receive a grant of $250,000 annually with a $500,000 cap through June 30, 2003. DBED may not make grants totaling more than $2 million per fiscal year.
To qualify for a grant, the local government must provide a matching grant of funds to the local revolving loan fund.
Special Purposes Loan - This loan targets specific funding initiatives that are deemed critical to the State's economic health and development.
The specific program determines the level and type of financial assistance provided.
The special purpose initiatives required by the Legislature include the Brownfield Revitalization Incentive, Seafood and Aquaculture, Animal Waste and Day Care Centers programs.
Economic Development Opportunities Fund (Sunny Day Fund)
This fund promotes Maryland's participation in extraordinary economic development opportunities that provide significant returns to the State through creating and retaining employment as well as the creation of significant capital investments.
Applicants must possess a strong balance sheet and be credit worthy. Projects must be consistent with the State's strategic economic development plan.
Substantial employment, particularly in areas of high unemployment, must be created by the project.
Participants must provide a minimum capital investment of at least five times the amount of the Sunny Day assistance.
Smart Growth Economic Development Infrastructure Fund (One Maryland)
This fund promotes the creation of industrial parks and other needed infrastructure in qualified distressed counties though direct funding of projects identified in the local strategic plan for economic development. The eligible recipients include a local government and MEDCO.
A qualified distressed county is defined as a county, including Baltimore City, with a local strategic economic development plan that has been approved by the Secretary. The jurisdiction must also have an unemployment rate, for the most recent 18 months, of at least 150 percent of the State's unemployment rate for the same period; and an average per capita personal income, for the most recent 24 months, at or below 67 percent of the State's per capita personal income for the same period.
The site must be located in a Priority Funding Area.
The use of funds include acquisition and development of land for industrial sites, development of water and sewer lines, construction of shell buildings and other infrastructure projects.
Maryland Industrial Development Financing Authority (MIDFA)
Encourages private sector financing in economic development projects through the use of insurance, the issuance of tax-exempt and taxable revenue bonds and linked deposits. The use of insurance reduces the lender's risk in the project to an acceptable level. The project must be in a Priority Funding Area.
Insurance - insures loans made by financial institutions up to 80 percent and not to exceed $2.5 million.
Insurance of Bonds - insures bonds up to 100 percent and not to exceed $7.5 million.
Taxable Bond Financing - provides access to long-term capital markets at generally favorable interest rates.
Tax-Exempt Bond Financing - as restricted by Federal tax law, can finance 501 c (3) non-profit organizations and manufacturing facilities.
Linked Deposits - used to stimulate the economic and employment growth of small businesses located in rural areas with a qualifying high unemployment rate. To participate, lenders must agree to provide an eligible business with a loan at below market rates in exchange for having a certificate of deposit of equal value placed with their institution.
Maryland Small Business Development Financing Authority (MSBDFA)
Provides financing for small businesses and those owned by socially and economically disadvantaged persons.
Contract Financing Program - loan guarantees and direct working capital and equipment loans to socially or economically disadvantaged businesses that have been awarded contracts mainly funded by government agencies and/or public utilities.
Equity Participation Investment Program - direct loans, equity investments and loan guarantees to socially or economically disadvantaged-owned businesses in franchising, in technology-based industries, and for the acquisition of profitable businesses.
Long-Term Guaranty Program - provides loan guarantees and interest rate subsidies.
Surety Bonding Program - assists small contractors in obtaining bonding for primarily funded government or public utility contracts that require bid, performance and payment bonds.
Maryland Economic Adjustment Fund (MEAF)
This Fund assists business entities in the State with the modernization of manufacturing operations, the development of commercial applications for technology and exploring and entering new markets. The program is administered in accordance with the guideline imposed by the Federal Government's Economic Development Act (EDA).
Applicants must demonstrate credit worthiness, ability to repay the obligation and inability to obtain financing on affordable terms through normal lending channels.
The maximum amount of the loan to any one borrower is $500,000. State designated locations eligible are Baltimore City and Baltimore, Howard, Anne Arundel, Harford, Queen Anne's, Somerset, Worcester, Dorchester, Allegany and Washington counties.
A loan may not be used to relocate jobs from one commuting area to another.
Source: The Maryland Department of Business and Economic Development. Click Here for more information.
