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.
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.