State Provides Charles County with $250,000 to Create New Targeted Industries Loan Fun

Published Monday, June 9, 2014

The Maryland Department of Business and Economic Development (DBED) announced today that the state has approved a $250,000 grant to the Board of Charles County Commissioners. The funding, provided by DBED’s Maryland Economic Development Assistance Authority and Fund (MEDAAF), will be administered by the Charles County Department of Economic Development to create a Targeted Industries Incentive Loan Fund (TIILF). The program will provide loans to small businesses, as well as help attract companies looking to relocate or expand in the county. Additionally, Charles County will provide a matching $250,000 to help start up the loan fund.

“Charles County is pleased to collaborate with Maryland Department of Business and Economic Development in funding this loan program that will allow our economic development team to offer low-interest loans to businesses that employ the growing pool of professionals here in Charles County,” said Charles County Commissioner President Candice Quinn Kelly. “With the State of Maryland’s matching funds, the Charles County Board of Commissioners is able to provide another incentive to support the County’s goal of creating more jobs that pay above-average wages here in the county.”

“The Targeted Industries Incentive Loan Fund is yet another tool in our expanding economic development tool box,” said Kwasi Holman, Director of Charles County Department of Economic Development. “This program supports the attraction, retention and growth of companies for which Charles County’s workforce and infrastructure are ideally suited. Relocating and local firms that represent county-targeted industries and create new jobs paying above-average wages may be eligible to tap into this new resource.”

“The State is pleased to partner with Charles County and support their new loan fund, which offers critical funding to businesses in many of our growing industries,” said DBED Secretary Dominick Murray. “This fund also helps the County to attract new businesses, enhancing their competitive position in the region.”

Charles County’s TIILF will assist research and development, technology, manufacturing, distribution, professional services, defense and federal contracting, biotechnology, information technology, and upscale retail businesses. DBED previously provided a $250,000 loan to Charles County to help start up its Disadvantaged Business Loan Program.

About DBED:

The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.

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“Charles County is a great central location for us to have access to all of our customers. We do business with NSWC Carderock, Naval Research Laboratory, NAWCAD Patuxent River, NSWC Dahlgren, and Indian Head Naval Support Facility, to name a few.”

Scott Decker
Director of Operations

Cardinal Scientific

“We are proud to be a key part of Charles County’s future and we heartily encourage other, cutting-edge companies to join us.”

Doug Egan
Chief Executive Officer
Competitive Power Ventures

“Charles County is where we started our company and where we grew and expanded. We now operate our managed print and managed IT solutions in five states and provide custom apps all around the globe. Our headquarters is still in Charles County, an excellent place to conduct business and recruit highly skilled individuals for our ever growing team!"

Joshua Justice
President

Just Tech

 

“We are proud to be a key part of Charles County’s future and we heartily encourage other, cutting-edge companies to join us.”

Katharine Tate
 Executive Director of Provider Engagement and Community Relations

Righttime Medical Care

“Charles County is a great place for businesses to start, grow, and thrive! We've worked with over 100 businesses since we opened our doors in Charles County, and I've witnessed the majority of these businesses achieve all three.”

Darlene M. Breck

Owner

Southern Maryland Business Center

“Charles County is a great place to do business because of the passion of the business community and the residents who strive to make it the best that it can be."

Andrew W. Welburn

President

The Welburn Organization