Queen Anne’s County, Maryland, offers the following local business incentives that are among the most aggressive and flexible in the state (QAC Incentive Summary Sheet):
BRIDGE Fund: Financial assistance is available to new Queen Anne’s County businesses in the form of loans and performance grants. Projects must create five or more new full time jobs with a minimum capital investment of $200,000. The maximum amount available for a project is $750,000. Funds may be used for real estate, machinery, infrastructure and working capital costs. BRIDGE Program Specifics Res 15-33 and BRIDGE Application.
Economic Development Incentive Fund (EDIF): This program was established by the County Commissioners to aid economic development in the County by providing financial assistance through loans, grants, or a combination of both. The EDIF nurtures existing businesses and strives to attract or enhance those that complement Queen Anne’s County’s major industry sectors. The EDIF program is offered to individuals/businesses interested in starting a new business, expanding an existing business, or relocating operations to Queen Anne’s County. Strong consideration is given to those businesses that fall within the following industry profiles: Advanced Manufacturing, Agriculture and Seafood, Technology, and/or Hospitality/Tourism. Projects must demonstrate significant economic impact – such as job creation and retention, increase in production, and/or potential for a niche market – and be consistent with the County’s development land use goals and economic development priorities. The business must be physically located within the geographic boundaries of Queen Anne’s County. Residency is not required of the business owner(s). Applicants must provide a demonstrated need for the funding of the project. Disbursement of funds will be at the sole discretion of the Queen Anne’s County Economic Development Incentive Fund Commission with the authorization of the Board of County Commissioners. EDIF Application
Revolving Loan Fund: New and expanding businesses are eligible for low interest loans from the Queen Anne’s County’s Revolving Loan Fund. The fund works in concert with the local SCORE chapter which provides loan recipients with business planning and advisement before and after loans are awarded. The Economic Development Commission reviews revolving loan applications. Programs are available for start-ups and business development, strategic expansions, and commercial vineyard establishment. Contact the Department for more information.
Commercial Real Property Tax Credit: Businesses that invest $25,000 or more in real property improvements and create at least twelve new full time jobs within two years receive a four year property tax credit against new property taxes generated by the project. The credit is 80% (Year 1), 60% (Year 2), 40% (Year 3) and 20% (Year 4). CRPTC Application
Enterprise Zone: Queen Anne’s County Enterprise Zone designation extends along the US Route 50/301 corridor from Grasonville to Stevensville, and includes the Matapeake Professional Park and the Chesapeake Bay Business Park. The Eligible properties with the zone receive a commercial property tax credit over 10 years and, for eligible businesses, an income tax based on the creation of qualifying new jobs. Find out more at www.choosequeenannes.com\enterprisezone
Property Assessed Clean Energy (PACE): Queen Anne’s County recently adopted the PACE program which enables property owners to access competitive, up front financing for energy efficiency and clean energy improvements to their buildings. These investments are repaid through an additional surcharge on the annual property tax bill.
In addition to the local incentives and programs, QACED partners with the state agency programs such as Maryland Business Works (Training Grants) and the Neighborhood Business Works loan program. QACED assistance can be used in conjunction with these programs as well as conventional financing.