Maryland Enterprise Venture Capital Limited Partnership - Provides investment with the understanding that each partnership will make its best efforts to invest in Maryland startups. This fund assists businesses with the modernization of manufacturing operations, the development of commercial applications for technology, and exploring and entering new markets. There are several tax credits available to Maryland businesses, including Job Creation Tax Credits, One Maryland Tax Credit, Research and Development Tax Credit, Enterprise Zone Tax Credits, Empowerment Zone Incentives and Brownfields Tax Incentives. This program provides financial assistance to small businesses that are unable to obtain reasonable financing from traditional sources. Loan and grant assistance are offered.
Grant assistance is limited to nonprofit groups.
Financing is provided for up to 50 percent of total project cost. Provides eligible businesses with direct loans or the guaranty of loans made by financial institutions to be used for working capital and the acquisition of equipment needed to begin, continue or complete work on contracts where the majority of funds are provided by a federal, state or local government or utilities regulated by the Public Service Commission. Financial assistance is provided through the use of loans, loan guaranties and equity investments for the purpose of purchasing a franchise, acquiring an existing profitable business or developing a technology based business. Equity investments may take the form of the purchase of qualified securities, certificate of interest, interest in a limited partnership, and other debt and equity investments. The term of the loan cannot exceed 10 years with the maximum interest rate of prime plus 2 percent.