Main Street Reisterstown - Commercial Revitalization District
Business and property owners in the revitalization district(PDF) can take advantage of business assistance programs designed to stimulate private investment and keep these vital commercial centers strong. The specific programs are listed below.
Architect-On-Call
Architect-On-Call offers up to 10 hours of professional architectural design services to businesses improving the exteriors of their buildings. After an initial site visit and meeting, the architect prepares a digital rendering of the building with design recommendations and a rough cost estimate. The service is free when improvements are certified as complete.
Building Investment Loan Program
Qualified business and property owners may apply for a maximum loan of $40,000. It can be used for exterior improvements such as siding, awnings, landscaping, signs, and customer parking areas. Loans are interest-free for projects over $15,000. Loans for projects under $15,000 have an interest rate of three percent. An interior version of the program is available with a maximum loan of $20,000.
Baltimore County Small Business Loan Partnership
This fund provides real estate and fixed asset loans up to $500,000. Working in partnership with 18 area banks, the Fund can provide up to one-half of the project cost. Forty percent of the project must be financed by one of the participating banks, with the remaining 10 percent in borrower’s equity.
Commercial Revitalization Tax Credit
For larger projects, this benefit provides a five-year real property tax credit if physical improvements increase the assessed property value by $50,000 or more. A 10-year credit is available if improvement costs exceed $10,000,000.
Baltimore County Business Growth Loans
In Commercial Revitalization Districts, this fund is primarily used to assist significant redevelopment projects. The maximum loan amount is $250,000 and can be used for the acquisition and improvement of land, buildings, and equipment, including new construction and the renovation of existing facilities. Terms and interest rates are based upon the economic impact of the project.
Maryland’s Neighborhood BusinessWorks Program
This state program provides loans from $25,000 - $500,000 for pre-development, development and start-up costs. Loans have flexible interest rates and terms.
Revitalization Advantage Private Sector Loan Discounts
The Revitalization Advantage program offers discounts off standard interest rates to qualifying businesses looking to refurbish or develop commercial property or finance equipment purchases. Participating banks will offer a ¼ percent discount off standard interest rates to qualifying businesses located in a commercial revitalization district. Bank loan amounts range from $50,000 to $300,000.
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Revised April 22, 2009
