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State provides county with $250,000 to create new targeted industries loan fund

Wednesday, June 18, 2014

Article by SoMd News

The Maryland Department of Business and Economic Development announced that the state has approved a $250,000 grant to Charles County for the county Department of Economic Development to create a targeted industries incentive loan fund.

The program will provide loans to small businesses and help attract companies looking to relocate or expand in the county.

County government will provide a matching $250,000 to help start up the loan fund.

“The Targeted Industries Incentive Loan Fund is yet another tool in our expanding economic development tool box,” Kwasi Holman, county director of economic development, said in a news release. “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,” Maryland Department of Business and Economic Development Secretary Dominick Murray said in the release. “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, according to the release.

DBED previously provided a $250,000 loan to Charles County to help start up its Disadvantaged Business Loan Program.

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