Understanding available financial resources is paramount for business prosperity. To help entrepreneurs and businesses grow and succeed, the Charles County Economic Development Department (EDD) offers a range of financial tools. In honor of Financial Literacy Month, we’re spotlighting some valuable resources available to Charles County businesses to support their financial management and help plan for future growth.
Financial Assistance (Loans, Grants, and More)
The EDD offers multiple funding options to assist businesses in supporting their operations, growth initiatives, and other financial needs. If your business requires working capital, equipment funds, or a boost in inventory or staffing, financial assistance is available to help improve, maintain, or expand your business.
Qualifying Charles County businesses can acquire micro-loans from $5,000 to $35,000 through the Business Development Loan Fund for Women, Minorities, and Veterans. Funding can go towards inventory, staffing, equipment, machinery, or used as working capital.
For businesses looking to relocate or expand in Charles County, the Target Industry Loan Fund offers capital to help facilitate the process. Eligible companies can receive up to $100,000, with a potential 15-year repayment below the prime rate to help them grow their business.
Maryland Commercial Property Assessed Clean Energy (MD-PACE) loans help business owners make their commercial properties more energy efficient with up-front funds to implement upgrades that lower operating costs.
In addition to these resources, Charles County and the State of Maryland offer tax credits and incentives to help stimulate growth and benefit your business in the short and long term.
Charles County’s Education and Training Resources
The Small Business Development Center (SBDC) at the Southern College of Maryland is a front-line resource for Charles County entrepreneurs. SBDC offers no- or low-cost training for businesses on a wide range of topics, including lending, workplace retirement planning, accounting, and more. Foundational training can help your business manage resources effectively, apply best practices, and make strides toward expansion.
Entrepreneurs can benefit from EDD's Business Growth Advantage Program (BGAP). The comprehensive eight-week training experience touches on various facets of business ownership to give business owners the education and networking community for success. The BGAP program covers financial planning, business management, and other skills that can be applied in real life. Upon completion, program graduates receive a grant for $10,000, paid in two installments, to use towards their business.
Growing a network of professional contacts can be time-consuming for business owners. Charles County’s Circle of Services is a robust collaborative network of partners designed to uplift local businesses and help them prosper through access to valuable resources. Through partners such as the Charles County Chamber of Commerce, the Maryland Department of Commerce, and more, businesses can access capital through funding programs, grants, and more.
State Resources
The EDD can also help entrepreneurs determine their eligibility for various state-run programs available to entrepreneurs in Charles County. As a team, the EDD can assist business owners as they apply for financial programs and help them navigate any roadblocks along the way.
The Maryland Department of Commerce is a foundational resource for entrepreneurs in the State. Through the department's many financing resources—such as seed funding programs, grants, loans, tax credits, and more—your establishment can get the support it needs to grow.
Acting under the mission to advance Maryland’s standing as a tech hub, the Maryland Technology Development Corporation (TEDCO) offers various resources to help tech companies thrive in the state. From social impact funds supporting the growth of underserved business leaders to seed money and venture funds for start-up companies, TEDCO offers funding opportunities that spur innovation by supporting and empowering IT companies.
Small businesses and nonprofit organizations looking to help improve or revitalize existing commercial properties, districts, and town centers can get financial assistance through the Maryland Department of Housing and Community Development (DHCD). Through programs such as the Maryland State Small Business Credit Initiative, businesses in areas with a high concentration of small, micro, and socially and economically disadvantaged individuals (SEDI) can receive a financial investment to help their operations.
To learn more about financial education opportunities, funding support, and other money management and assistance avenues, click here or contact our team at info@meetcharlescounty.com.
