What Types of Businesses Can Receive Financial Assistance in Baltimore County?

The county of Baltimore offers financial assistance to any company, trade or trade association located within the county or in an adjacent area. The Advanced Technology Loan Fund provides loans to technology-based businesses and those that purchase technological equipment. The Maryland Department of Commerce must certify a company as a qualified business entity before it can hire qualified employees for qualified positions. Credits can be requested for eligible project expenses incurred to establish, relocate, or expand a business in a Level I Maryland county.

The National Multistate Licensing System (NMLS) consumer access website is a free tool for customers to check if the financial services company or professional they want to do business with is authorized to do business in their state. The income tax credit that can be recovered is indicated on the line indicated for recoveries in the business tax credit summary on Form 500CR. Family businesses and national retail chains are neighbors and offer shopping and entertainment experiences throughout the county. Businesses can apply for a credit against the state part of income tax that covers up to 25% of capital expenditures that meet the requirements for the establishment of new wineries or vineyards, or for capital improvements made to existing wineries or vineyards in Maryland.

Tax credits are available to help new businesses invest in property and create jobs, and to help existing businesses expand and grow.

Foreign Trade Zone

Baltimore County is a foreign trade zone (FTZ) designated for companies involved in international trade. Businesses located in smaller counties (with a population of 30,000 or less) must create at least 10 new jobs. Business growth loans are direct loans or loan guarantees for new or expanding industrial or commercial enterprises.

Tax-exempt nonprofit organizations that are qualified business entities can also apply for this credit against their unrelated taxable business income. The business establishment must be certified to have created at least 60 qualified positions, 25 qualified positions if the established or expanded business center is located in a priority funding area of Maryland, or 10 qualified positions in a county with an average annual employment of less than 75,000 or a median household income less than two-thirds of the median household income at the state level.

Financial Incentives

Small Business Administration (SBA), local development corporations, and non-profit organizations whose activities contribute to a larger revitalization effort and whose projects are intended to promote investment in business districts or urban centers may also provide financial incentives. The list of financial incentives for Maryland businesses can be filtered to fit your specific business needs.