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Maryland Creates Loan Program for Incubator Tenants

September 19, 2005

Maryland has a new program to provide loans to early stage technology-oriented companies that are affiliated with the incubation network, Governor Robert Ehrlich announced earlier this month. The $500,000 Working Capital Loan Fund, administered by the Maryland Technology Development Corporation (TEDCO), will offer low-interest, flexible term loans of between $15,000 and $50,000 to companies in underserved parts of Maryland.

The U.S. Department of Commerce's Economic Development Administration (EDA) provided $325,000, which was matched by TEDCO, to capitalize the fund, provide technical assistance and support outreach efforts. The loans are specifically targeted toward incubation-affiliated businesses in Wenstern Maryland, the Lower and Mid Shore and Baltimore City. Loans can be used for working capital.

"This loan program will allow Maryland's business incubator network to be more effective in developing high-tech businesses and in promoting technology transfer to areas outside the Baltimore/Washington tech corridor, specifically Western Maryland, Southern Maryland, and on the Eastern Shore," Governor Ehrlich said in a press release.

More information on the program can be found at http://www.marylandtedco.org/programs/Working_Capital_Loan_Fund.html