Grant funding can be a linchpin for growth and innovation in the community. The Allegany County Economic and Community Development (ACECD) office is announcing three new funding programs that strategically address community needs to bolster businesses and fuel expansion.

Adam Strott, ACECD’s Economic Development Specialist, highlights the importance of these grants, “The ACECD wants to see these opportunities utilized so businesses can realize their full potential, and to leverage all of the resources available in Allegany County.”

The Cleantech Research and Development Grant (CRD Grant) serves Allegany County’s burgeoning circular economy industry. Through a partnership with the University of Maryland Center for Environmental Science (UMCES) Appalachian Lab, the CRD Grant subsidizes research and development efforts to advance products and services using the lab’s cutting-edge equipment and expert scientists.

Companies can receive a dollar-for-dollar match on research expenses up to $50,000, encouraging innovation, product testing, and refinement for significant environmental and economic impacts. The Appalachian Lab and ACECD will work jointly to determine grant awardees based on the project's alignment with research standards and the availability of specialized scientists.

Key advantages of this ongoing program:

1. Businesses have the opportunity to develop their offerings using scientific insights.

2. The Appalachian Lab can organically expand its capabilities and equipment to facilitate new projects.

3. New products are created in Allegany County, allowing the ACECD to fulfill its core strategy of supporting the circular economy by creating future-proof technologies.

Filtration company, Aquatic Circle, is the first CRD Grant recipient. With support from the Appalachian Lab, Aquatic Circle hopes to refine its large-scale aquaculture product through advanced water quality monitoring.

“This program is just one tool in ACECD’s toolbelt to support and attract environmentally- minded businesses. Over time, we’re hoping more emerging technology companies are influenced to locate in Allegany County because of resources like the grant. Businesses in the circular economy bring jobs to Allegany that run the spectrum of our workforce, from manufacturing and maintenance to chemists and environmental scientists.”

The Business Expansion Deferred Loan Program (BEDL) offers crucial funding for small businesses poised for growth but needing capital.

Strott notes the challenging lending environment, with many interest rates hovering between 8-9%. “We’ve seen standard loan interest rates at a high, between 8-9%.” With the BEDL grant, ACECD provides businesses with loans from $10,000 to $50,000 to grow their offerings using more favorable terms than traditional lenders. Loans over $40,000 require a one-to-one match in funding.

Grant funds can be used for any tangible asset, such as equipment, furniture, or property. The grant targets businesses that influence local placemaking, offer new employment opportunities, or grow the region’s export capacity. Eligible companies must be located within Allegany County and have fewer than fifteen full-time employees.

Working with the Small Business Development Center, interested businesses must first craft an expansion plan that details how and when the funds will be used. Once a plan is in place, the recipient and ACECD must agree on metrics that will determine the target goal of the grant, such as employees hired, growth export, revenue generated, etc.

Up to 50% of the loan may be forgiven if the business achieves its predefined goals, with payment deferrals of up to six months to ease financial pressure.

“We’re hoping that entities will build greater revenue streams by bringing money from outside the county,” notes Strott. “Those funds can be reinvested in their businesses to perpetuate the cycle of growth.”

Want to learn more about funding programs through ACECD? Visit the Resources and Incentives page for more information.