6C — January 26 - February 8, 2018 — Economic Development — M id A tlantic
Real Estate Journal
www.marejournal.com
H arford C ounty M aryland
Harford County Office of Economic Development Financial solutions help Harford County businesses thrive
C
ompanies have long been drawn to Harford County, Maryland for
is designed for businesses that have passed the start-up phase and need assistance to be eligible for loans from banks and credit unions. Details of the loan: • Maximum amount of $50,000 for a loan period of up to five years; • Risk-based interest rate; if the business adds new jobs during the loan’s life, it may be eligible for a .25% rate decrease annually. The Tech Attraction Fund This loan program provides financial incentives to growing and stable technology compa- nies or tech catalyst organiza- tions to relocate to Harford County. With proximity to Aberdeen Proving Ground, the Port of Baltimore, Washington D.C., and the I-95 corridor, Harford County is ideal for technology companies to grow and thrive. Details of the fund: • Offers a 0% interest rate if the company commits to stay- ing in Harford County for a minimum of three years; • Requires a minimum of three full-time employees; • Has no closing costs at settlement; • Grants up to $50,000 over a term of up to five years. The term of fund disbursement cannot exceed the length of the company’s lease. The Economic Development Opportunity Fund The Economic Development Opportunity Fund provides funding for new equipment and operations by comple- menting traditional lending programs. This fund: • Has a maximum loan amount of $200,000; • Has a risk-based interest rate; • Aids with equipment pur- chases and land or building improvements. A Partnership for Success For more information about enterprise zones, contact Busi- ness Development Associate Jake Adler at jzadler@harford- countymd.gov. For informa- tion on Harford County’s loan programs, contact Finance Liaison Bonnie Barresi at bebarresi@harfordcountymd. gov in the Office of Economic Development. From enterprise zone tax credits to the right financing options, Harford County has the tools to grow your business. To learn more about our many resources, visit www.harfordcountymd. gov/OED. n
our attrac- tive business climate, high quality of life and an ex- tensive suite of programs designed to support ex- i s t i ng and
Karen Holt
prospective companies alike. With two vibrant enterprise zones and robust financing options, Harford County Of- fice of Economic Development provides businesses with the tools for success. Enterprise Zones Harford County encourages development in its two enter- prise zones in Aberdeen/Havre de Grace and Edgewood/Joppa by providing tax credits to busi- nesses that invest in the area. There are two types of tax cred- its available: real property tax credits and income tax credits. Real property tax credits are available for up to ten years on capital investments, with a credit of 80% on increases in assessed value of real property for the first five years. The credit then decreases by 10% annually for the remaining five years. There are two types of in- come tax credits. First is a one-time $1,000 tax credit per new job created. An additional tax credit is available for busi- nesses that hire economically- disadvantaged employees, with the credit increasing to $6,000 total per eligible employee dis- tributed over three years. Aberdeen/Havre de Grace Enterprise Zone Expanded in 2017, the more than 9,600-acre zone in Aber- deen/Havre de Grace includes land and properties situated along U.S. Route 40 in the I-95 corridor. This strategic location includes portions of Aberdeen Proving Ground (APG), one of the U.S. Army’s premier re- search facilities. To be eligible for the above tax credits, busi- nesses in the Aberdeen/Havre de Grace zone must: • Be located within the zone; • Make a minimum capital investment of $75,000 if the business has 10 or fewer em- ployees, or $125,000 if the busi- ness has 11 or more employees; • Create a minimum of two new jobs if the business has 10 or fewer employees, or five new jobs if the business has 10 or
The Water’s Edge Campus in Belcamp within a County Enterprise Zone
in one of the county’s enter- prise zones can take advantage of the Revitalization Area Im- provement Loan program. This loan program provides funds for façade improvements by business owners and tenants for companies facing the U.S. Route 40 corridor in Harford County. These revitalization loans: • Offer 0% interest to compa- nies that use local businesses and contractors for their im- provement and renovation efforts. Businesses that use non-local contractors and com- panies would receive a 1.5% interest rate; • Assist in financing proj- ects that improve the exterior of the building, as well as a percentage of specified inte- rior improvements with prior approval; • Are used for buildings that face U.S. Route 40; • Provide up to $50,000 through a term of three to five years. In addition to the above tax credits and loan program avail- able only to businesses within Harford County’s enterprise zone, the Office of Economic Development offers the follow- ing loans to companies in the zones and countywide. The Entrepreneurial Growth Loan The Entrepreneurial Growth Loan provides a bridge be- tween a growing business’s initial investment and tradi- tional financing. The program
more employees.
a land use study that identified redevelopment opportunities. For the Edgewood/Joppa En- terprise Zone, businesses must: • Be located within the zone; • Make a minimum capital investment of $50,000; • Create a minimum of five new jobs. The Revitalization Area Improvement Loan In addition to the above tax credits, businesses that locate
Edgewood/Joppa Enterprise Zone
The Edgewood/Joppa Enter- prise Zone was re-designated in 2014 and has nearly 4,000 acres of eligible property for business development. With zone boundaries along U.S. Route 40 and connections to I-95, this enterprise zone bor- ders APG South and includes a section that was the subject of
Made with FlippingBook flipbook maker