Shop Baltimore Loan Program - The GBA is promoting another program provided by the Baltimore Development Corporation (BDC). The program offers an attractive loan up to a maximum of $100,000.00 (50% of total project costs). The interest rate offered is below market with terms up to 15 years for real estate transactions. Funds can be used for real estate acquisition, rehabilitation and new construction, leasehold improvements, fašade improvements, machinery and equipment, and certain other costs associated with opening or expanding a small business. GBA has been promoting this program through the GBA Gazette, direct mailed flyers and letters, GBA board meeting announcements, and focused area meetings, etc.
Baltimore Enterprise Zone Benefits - Our GBA businesses are now designated as part of the Baltimore City Enterprise Zone (EZ) program! BDC initiated the expansion of EZ to include our GBA businesses along the York Road corridor, in an effort to stimulate job creations and business investments in our area. The Govanstowne Business Association worked with BDC, presented support letters and hosted the required hearing. Please take advantage of the benefits available now to our businesses. Qualifying businesses may be eligible to recieve employment state income tax credits ($1,000 for creating each new job; more for creating jobs for economically disadvantaged employees or eligible for Maryland's Job Creation Tax Credit Program). Also, real property tax credits are available to our businesses for capital improvements. We are grateful for BDC's efforts to improve our area by providing additional incentives for growth opportunities. Additional informaiton is available at the GBA office or check the BDC website.
If you think you might hire a new employee or make improvements (interior or exterior) to your property in 2009, you won't want to miss these tax credits available to the Govanstowne business district. Even if you are not sure, there is nothing to loose and the forms are simple.
- Employee Tax Credit: For new hires, the credit is a one-time (per hire) $1000.00 credit against taxes, subtracted directly from income tax liability.
- Real Property Tax Credit: For renovations, the credit is a 10-year credit against local real property tax improvements - 80% of the taxes due on assessed value of improvements for the first 5 years, then reducing down (10% increments) to 30% in 10th year!
If you missed the opportunity this year, apply for EZ Certification today and take advantage of this opportunity for next year! Contact Elizabeth Weiblen (BDC EZ Administrator 410-396-9305) for additional information; (http://www.baltimoredevelopment.com/assistance/enterprise.aspx)
Applications Due December 31, for benefits the following year!