"Fast Track" Designation
The Cecil County Office of Economic Development works with company real estate staff architects, engineers and facilities managers to assure navigation of the regulatory system in a timely manner. The County can assist with fast track permitting and advocating with state and federal agencies. The County will accelerate and approve important economic development projects in less than 90 days.
Maryland’s Enterprise Zone program provides real property and state income tax credits for businesses located within an Enterprise Zone in return for job creation and investments. Enterprise Zones in Cecil County encompasses 4,389 acres and include nine business parks.
Cecil Catalyst (Coming soon – late May 2018)
Cecil Catalyst is a low interest loan program to assist new and existing businesses acquire land, buildings, equipment, inventory, and other needs. More specifically, Cecil Catalyst was designed to provide funds to credit worthy businesses and/or individuals that find it difficult to obtain financing through traditional sources due to limited equity, collateral requirements, or marginal cash flow issues.
The target market is small businesses, including start-up businesses. Loans may be made in amounts as low as $5,000 up to a maximum of $75,000; however, the loan maximum may be increased by the Loan Review Committee with approval from the County Executive. There is a one-time, non-refundable application fee of $100 due at the time of submission.
Small, Minority and Women-Owned Business Account - Video Lottery Terminal Fund (VLT)
Created with the small business owner in mind, the state’s Video Lottery Terminal (VLT) fund uses proceeds from video lottery terminals (slots) to assist small, minority and women owned businesses located in targeted areas surrounding state’s six Maryland casinos, which includes Hollywood Casino in Perryville. This program provides for loans below the current market rate. Loans can be used for purposes such as business and commercial real estate acquisition and expansion, leasehold improvements, equipment, and working capital. For more information or to apply, please contact the Cecil County Office of Economic Development at 410-996-8465.
Industrial Revenue Bonds
Cecil County offers tax-exempt financing for manufacturers and 501 (c)(3) organizations, in accordance with the terms, borrowing limits and uses established by federal law.
Maryland Financial Incentives for Businesses Offers a Complete List of Available Opportunities
In addition, a number of public financing opportunities and incentives available through the State of Maryland recognize corporate investment and job creation and/or retention. To learn more about Cecil County incentives and eligibility, contact the Cecil County Office of Economic Development at 410-996-6292.