A number of new and expanded resources have recently been made available to assist Maryland businesses.
The Department of Business and Economic Development (DBED) has recently enhanced the Maryland Industrial Development Financing Authority (MIDFA) program to increase support to small business lending. The program is similar to SBA Express in its simplicity, but allows greater bank flexibility. For more information or to qualify a project contact Greg Cole at (410) 767-6376 or email gcole@choosemaryland.org.
New tax credits are available for businesses hiring new full time employees. The Job Creation Recovery Tax Credit can provide an employer a maximum credit of $5,000 for each qualified employee, up to a total of $250,000. Download an informational flyer here (PDF). Another tax credit of up to $7,500 is available for hiring unemployed individuals that can be added to the Maryland JCRTC. Get more information here. Tax credits are also available in Washington County and Montgomery County.
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