Thursday, January 19, 2012

The State offers Financial Help to Businesses

The state is working to help buisnesses that may not qualify for traditional bank financing.
The Maryland Department of Business and Economic Development is encouraging businesses to look at four available programs, which will receive a total of $23 million in federal funds through the Small Business Jobs Act.
The four programs are:
 The Maryland Small Business Development Financing Authority, which provides credit guarantees to small firms that may not meet established credit criteria.
 Maryland Industrial Development Financing Authority, which provides loan guarantees.
 Maryland Venture Fund, which invests in early stage businesses to help with the cost of bringing new products to the market.
 Neighborhood Business Works, which provides gap financing to new or expanding small businesses and nonprofits in sustainable communities.

Information on all programs is available at