Financial Services

The Office of Economic Development offers financial support to businesses of all sizes, and works closely with the business community to obtain traditional financing, venture capital and local, state and federal loans.

Financial programs are available for:
  • Construction
  • Equipment Purchases
  • Leasehold Improvements
  • Redevelopment Assistance
  • Site acquisition
  • Small Business Assistance
  • Technology Development

Specific Financing Programs Included

Economic Development Opportunity Fund (EDOF)

  • Stimulates increased financing for new equipment and operations by complementing traditional lenders, state or federal funding programs.
  • Local and federal funds used to encourage investment, retention and job creation for working capital, equipment purchases, land or building improvements and purchases.
  • Maximum Loan amount is $200,000.
Download EDOF Fund Brochure (PDF) for more information.

Community Block Development Grant for Economic Development

Fosters development in industrial targeted areas and includes funding for:
  • Water and sewer lines
  • Extension of rail service
  • Construction and renovation of new and expanding businesses

State of Maryland Financing Programs

Visit the website for Maryland's Department of Commerce.

Federal Financing Programs

The United States Small Business Administration provides several resources for funding including:
  • SBA504: Provides "existing viable small businesses with long-term, below-market rate financing for the acquisition of land, building, machinery and equipment, construction and renovation, resulting in the creation of new full-time jobs.
  • SBA7A: Provides financing to small businesses that could not obtain financing through other channels, and are able to meet the underwriting criteria of the submitting bank and the SBA.