Top Small Business Grants for Maryland Entrepreneurs

Starting a small business in today’s economy can be a challenging feat, especially for entrepreneurs based in Maryland. Between the capital and operating costs, it can feel like getting a business off the ground is impossible. However, small business grants offer entrepreneurs a way to secure additional funding, with no obligations to repay the funds. Here are some of the best small business grants available to Maryland entrepreneurs.

1. Rural Maryland Prosperity Investment Fund

If your business is based in a rural area of Maryland, you may be eligible for the Rural Maryland Prosperity Investment Fund. This grant program provides up to $50,000 to businesses, to fund capital expenditures, working capital, or for business technical assistance. The program was created to aid economic growth in rural Maryland by helping small businesses create jobs and stimulate economic activity.

2. Maryland Small Business Development Financing Authority

The Maryland Small Business Development Financing Authority is a state-funded entity that provides various financing options to small businesses. The Financing Authority offers two primary programs – The Maryland Small Business Financing Program and the Maryland Small Business Equity Investment Fund (MSBEIF). The Maryland Small Business Financing Program assists with commercial loans and loan guarantees for capital equipment and working capital expenses. On the other hand, the MSBEIF provides both equity investments and subordinated debt financing to small businesses.

3. Montgomery County Economic Development Fund

Montgomery County Economic Development Fund is designed to foster economic growth by offering funding to small businesses. The program offers capital for projects such as building renovations, and financing for equipment purchases. Funding is available for businesses who are relocating to Montgomery County, as well as businesses that are currently operating in the area. Businesses must have under 20 employees to be eligible for funding, and grants can range from $5,000 to $35,000.

4. Maryland Industrial Development Financing Authority

The Maryland Industrial Development Financing Authority (MIDFA) is a state-funded entity that provides financial support to small businesses. The MIDFA program assists with financing for small businesses who are investing in capital projects. The program provides low-interest loans, high leverage financing, and bond financing to businesses. With financing ranging from $10,000 to $3,000,000, small businesses can quickly secure finances and see their business growth aspirations come to life.

5. Maryland Women’s Business Center

For female entrepreneurs who are looking to start or grow their businesses, the Maryland Women’s Business Center offers a range of business resources, including grants. In partnership with the Small Business Administration, the center provides one-on-one counseling, training, technical assistance, and financing advice to women entrepreneurs. Additionally, the center offers various grants and funding opportunities to women who are looking to grow their businesses.

Conclusion

Securing additional funding for a small business can be challenging, but with the range of small business grants available to entrepreneurs in Maryland, it’s possible. With these grant options, Maryland entrepreneurs can receive the necessary financial support needed to grow their businesses through funding for capital projects, equipment purchases, working capital expenses, and more. By taking advantage of these opportunities, small businesses in Maryland can turn their entrepreneurial vision into reality.

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