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.”

Due to high loan interest rates, the Allegany County Economic and Community Development (ACECD) has launched the Business Expansion Deferred Loan Program to provide local businesses with essential growth capital on more favorable terms, driving business success and investment into the county.The first of its kind in Allegany County, the Business Expansion Deferred Loan Program offers loans ranging from $10,000 to $50,000 with interest rates around 3%—roughly half the rate offered by conventional lenders, making growth more attainable for local enterprises. Businesses that meet their annual goals can have up to 50% of their loan forgiven and have a six-month payment deferral, which further accelerates growth. On September 5, 2024, during the Allegany County Board of Commissioners Public Meeting, three businesses were approved as the first recipients of the loan program—Locust Post Brewery, Queen City Scoop Shop, and Chew On This - Jerky.Nathan Price, Senior Project Manager for ACECD, notes, “We chose these first three recipients because of their tremendous potential for success,” said Price. “Each recipient has become a community staple in Allegany County, and this loan program will help them take the next step in enhancing their offerings while driving investment into the county and recognition for artistry in the region.”Read more about the program’s first three recipients below. 

Cumberland is emerging as a thriving artistic community in Western Maryland. Thomas and Rebecca Ferleman, owners of the Ferleman Art Gallery located on Centre Street, are spearheading an initiative to cement Cumberland's reputation as a vibrant creative hub. Their plans include relocating to a larger venue, which will double as a communal center and an incubator for artists, aficionados, and collectors alike.“We looked all over the East Coast for somewhere to put the gallery and fell in love with Cumberland’s vibrant arts community,” said Thomas. “There are nationally recognized artists located right in Allegany County. They’ve created a creative home for many, including Western Maryland’s significant collector community."

Located along the eastern edge of Allegany County, Locust Post Brewery welcomes visitors into the area’s vast world of craft beer and outdoor recreation. The brewery's 26-acre property creates a unique farmstead-style experience, hosting a regionally-recognized disc golf course that attracts visitors across the tri-state area.Denise and Tony Cornwell, owners of Locust Post Brewery, were inspired to include a course on their property during the establishment's early development phases. Denise Cornwell shares, “It’s a great day when you can enjoy a beer and play a round of disc golf.”Following the completion of the main brewery building in 2021, Denise and Tony shifted their focus toward incorporating a course to complement their visitors' experience. Cultivation Disc Golf, located in nearby Frederick, Maryland, designed a nine-basket course for Locust Post Brewery. The par-three course is designed for players of all skill levels — from amateurs to proficient players.

In a significant move signaling the evolution and demands of the Life Science industry, California-based eMolecules, Inc. has announced its acquisition of Netherlands-based Specs Compound Handling, B.V., which operates a location in Cumberland, MD. This acquisition is not just a merger of two entities but underscores the shifting dynamics in compound management.Established in 1987, Specs Chemical has emerged as the world's foremost provider of compound management services, supporting industry giants like Merck and Johnson & Johnson. They now specialize in the storage and distribution of specialty chemicals that play a pivotal role in drug discovery. Their transition over the past decade from primarily selling compounds to emphasizing their storage showcases their ability to adapt and align with industry demands.