Funding is critical for every business and there are several financing and tax credit programs available.
Anne Arundel County Loan and Tax Credit Programs
Arundel Business Loan (ABL) Fund: ABL loans can assist county small business with financing of up to $300,000. Most loans are guaranteed by the U.S. Small Business Administration (SBA).
Business Corridor Investment Loan Program (BCILP): The goal of the BCILP is to encourage economic and redevelopment activity in 16 target areas around Anne Arundel County. Qualified business owners are eligible for zero interest loans of up to $35,000 for improvements to the exterior and interior of their business.
Job Creation Tax Credit Program
Companies locating to Anne Arundel County are eligible for a Job Creation Tax Credit offered to newly locating or expanding companies in the State of Maryland. The Company could be eligible for a Job Creation Tax Credit if it establishes or expands a Maryland business facility that is primarily engaged in warehousing and distribution and located within a Priority Funding Area as defined by the Job Creation Tax Credit statute. The credit granted will be the lesser of $1000 or 2.5% of a year's wages for each new employee in a qualified position. Assuming 80 qualified positions are created within a 2-year period, we estimate that the job creation tax credit would be $80,000.
Community Revitalization Tax Credit Program
Do you own commercially or industrially zoned property is located in one the county's 16 designated revitalization districts? Learn more about Anne Arundel County's Community Revitalization Tax Credit.