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Resources for Businesses
Financial Resources:
Neighborhood BusinessWorks
Maryland Department of Housing and Community Development
Division of Neighborhood Revitalization
Provides GAP FINANCING loans for retail, manufacuring, service providers, Mixed use projects combining residential and commercial uses in the same building. Finances from $25,000 to $500,000. Eligible uses include Market, planning and feasibility studies, real estate aquisition, new construction or rehabilitation, leasehold improvements, machinery & equipment, leasehold improvements, working capital when part of total project cost, cetain other costs associated with opening or expanding a small business. FACT SHEET (link) Neighborhood BusinessWorks Program (DHCD website program link)
Maryland Capital Access Program
Maryland Department of Housing & Community Development
Division of Neighborhood Revitalization
Supports businesses in Priority Funding Areas and is a credit enhancement program that enables private lenders to establish a loan loss researve fund from fees paid by borrowers and the State of Maryland. Participating lenders are incentivized to make commercial loans to borrowers who otherwise might not not qualify for conventional loans. Enrolled amounts may range from $1,000 to $1,000,000. Apply directly to participating lender including PNC Bank, BB&T Bank.
Maryland Capital Access Program (DHCD program website link)
Maryland Priority Funding Areas Map
Minority Business Enterprise Linked Deposit Program
Department of Housing and Community Development
Division of Neighborhood Revitalization
A program designed to reduce the interest rate on loans obtained from participating banks. Must be a certified MBE (certified by Maryland Department of Transportation) and the purpose of the loan must be for a project or activity located in Maryland. Certified MBE's that notify the Maryland Department of Housing and Community Development prior to obtaining qualifying loans may be able to receive a 2% discount ontheir loans.
MBE Linked Deposit Program (DHCD program website link)
Business Development Resources:
Easton Main Street will be offering educational opportunities relevent to business needs in the downtown. Updates to scheduled workshops or educational sessions will be updated as they become available. For more information contact mainstreetmanager@town-eastonmd.com.
Links (Coming Soon)
Business Plan Development
Small Business Tips
Social Networking Tips
Small Business Support Networks & Connections:
Downtown Business Meetings
Easton Main Street holds regular monthly merchant/downtown business meetings on the fourth Tuesday of each month, at 8:30am. A chance to meet and discuss critical issues, upcoming events, and mix with other downtown business community. The location may vary. For more information email mainstreetmanager@town-eastonmd.com.
Eastern Shore Entrepreneurial Center
Small Business Survival Breakfast Series
Downtown Merchant Meetings
Occur the fourth Tuesday of each month (except December)
Next meeting January 24th at 8:30am at the Easton Resource Center
AGENDA - January 24th 2012 (PDF Download & Print/View)
Resources for Property Re-Investment:
Architect On Call Program
This program offered through the Maryland Downtown Development Association (MDDA) provides architectural design assistance for downtown revitalization efforts by providing architectural vision for commercial, residential or mixed-use building rehabilitation projects and streetscape enhancement projects. The Program covers the cost of specific, limited architectural services for qualified projects. The program is administered by MDDA, using architecture firms on retainer. This program is supported and funded in part by a Technical Assistance Grant from the Maryland Department of Housing and Community Development. Any sign, streetscape or commercial, residential, or mixed-use building, within Maryland’s historic communities. Interested property owners must contact the Town of Easton to take advantage of this no-cost program. For more information contact Katie Clendaniel at 410-822-2525 x 143 or email kclendaniel@town-eastonmd.com.
Town of Easton Downtown Facade Improvement Program
Within the Easton designated Main Street District the Town of Easton applies for funds that supply a pool of funds for small facade improvement projects. Interested parties can include both a business tenant or a property owner. All FY 2012 funds have currently been allocated at this time. To express interest or inquire about the program please contact Katie Clendaniel at 410-822-2525 x 143 or email kclendaniel@town-eastonmd.com.
Sustainable Communities Tax Credits
Administered by the Maryland Historic Trust this program applies to commercial or 'income-producing' properties only. Provides State of Marylaand income tax credits for the rehabilitation of existing buildings, historic and non-historic. There are four opportunities for income-producing properties: 20% credit for 'certified historic structures' that are commercial buildings, 25% credit for 'certified historic structures' that are high-performanace commercial buildings, and 10% credit for non-historic 'qualified rehabilitated structures.'
Sustainable Communities Rehabilitation Tax Credit Program
Federal Tax Credits for Main Street Commercial Buildings
In general, a tax credit is a dollar-for-dollar reduction in
the amount of taxes you owe.
The amount of credit under this program equals 20% of
the qualifying costs of your rehabilitation. A project must be “substantial” in that your qualifying
rehabilitation expenses must exceed the greater of $5,000
or the adjusted basis of the building. Your building needs to be certified as a historic structure
by the National Park Service. Rehabilitation work has to meet the Secretary of the
Interior’s Standards for Rehabilitation as determined by the National Park Service.
The process is straight-forward, and the tax savings can be
significant. For example, a property owner planning a project
estimated to cost $60,000 could realize a tax credit of $12,000
on their federal income taxes.
National Park Service FACT SHEET
