Baltimore County News
Will Anderson, Director
Baltimore County Department of Economic & Workforce Development
It’s a reality every small business owner faces. When your business plan says it’s time to take it to the next level, you discover that you need more trained workers, more space, and more capital. As they say in that classic movie “who you gonna call?”
The Baltimore County Department of Economic and Workforce Development can help with free workforce recruitment and training, site searches for a new location, business and marketing plan development, and financing assistance.
OK, we got your attention with financing.
Baltimore County can help you make the most of Enterprise Zone, commercial revitalization and job creation tax credits. But let’s focus on a new Baltimore County loan fund.
The new Baltimore County Boost Fund offers flexible loans for small, women-owned and minority-owned businesses and entrepreneurs. The Boost Fund provides business loans for
· Start-up and gap funding
· Building and leasehold improvements
· Business and equipment acquisition
· Working capital
· Commercial real estate acquisition
The Boost Fund can lend qualified small businesses between $50,000 to $250,000, with a reduced down payment and interest rates set at or below market rates. Payment plans are customized to meet your business cash flow needs.
We have already made an impact with the Boost Fund. Here are a few examples.
Michele's Granola is honored to be the one of the first recipients of Baltimore County's Boost Loan Fund. These funds will allow us to expand to a larger kitchen facility in Baltimore County and double production of our small batch granola products that will be available for wholesale distribution throughout the United States. We are proud to be a woman-owned business contributing to job creation and economic development in Baltimore County.
Michele Tsucalas, President, Michele’s Granola
A women-owned manufacturing company
One of the greatest impediments to growth any business faces is access to capital. With the Boost Loan program, Baltimore County clearly recognizes that expanding small businesses are vital to the local economy. We will use this loan to grow and make further contributions to the local economy.
Barnett A. Carroll Jr., President, Aegis Mechanical Corporation
A service disabled veteran-owned and minority certified business
Baltimore County's new loan program has helped my husband and I renovate an older but full-of-character building. The funds are being used to build a new kitchen, renovate the bar, and revitalize an older dining area so we can bring some great food and service to Arbutus. Without Baltimore County and their loan program, we wouldn't be where we are with the renovations.
Sharon Andrews, co-owner, Oak Creek Café
A new business in the Arbutus Commercial Revitalization District
For more information about additional financing programs, tax credits, recruiting workforce talent and other small business services, visit the Baltimore County Department of Economic and Workforce Development at www.BaltimoreCountyBusiness.com or call 410-887-8000.
This could be the boost your company needs.
by Keith Dorsey
Director, Baltimore County Budget & Finance
In Baltimore County, when we talk about AAA, we’re not talking minor league baseball. We’re talking about the three AAA bond ratings Baltimore County just received (again) from the major rating agencies. Moody’s, Standard & Poor’s and Fitch have each given the County their highest credit ratings.
Why should you care? Think of a bond rating as the County’s credit score. The higher your score/rating, the lower your interest rate when you borrow money. The County’s AAA ratings save us millions of dollars in interest payments when we borrow money for major capital expenses such as new and expanding schools and heavy equipment for public works and the fire department.
Fewer than 1% of the counties in the nation earn a Triple/Triple A bond rating, placing Baltimore County in elite company. We work hard to be sure the County manages taxpayer dollars wisely. Three AAA ratings are a sign that we’re doing a good job.
If you want to find out more about our AAA bond ratings, click here.
Revised April 6, 2016