Baltimore County is stepping up to entice new business with a freshly minted grant program announced by County Executive Kathy Klausmeier. The GROW incentive program aims to breathe life into vacant office spaces by providing financial assistance to businesses setting up shop for the first time in the county. "Baltimore County’s strong economic climate makes it a great place to operate and grow a business, and providing support to companies new to the county is an investment in our commercial vitality and economic future," Klausmeier said, according to a statement on the county's official website.
The GROW program offers up to $80,000 for eligible businesses signing their first commercial lease in Baltimore County. These funds stand as an offset against the expenses typically associated with such real estate transactions, potentially removing a significant roadblock for firms on the cusp of establishing a presence in the area. In an oversight, the statement on the county's website noted that qualified businesses may receive an award of $8 per square foot when executing a 36-month lease for Class A or B office space, accessible on a first-come, first-served basis.
These grants specifically target businesses venturing into Class A or B office spaces and demand a minimum commitment of a 36-month lease term. Moreover, provisions have been made within the program's framework for businesses that need specialized spaces, such as laboratories, to accommodate their unique requirements. The conditions for the lease also stipulate that landlords related to the applicants by corporate hierarchy won't be eligible parties in the agreement.
An informational session is in the pipeline, set for February 26, aimed at businesses interested in learning more about what the GROW program offers. This session is scheduled for 10 a.m. at the office at 305 Washington Avenue in Towson.
Businesses keen on jumping on this opportunity must apply within 180 days of inking a new, direct lease. All the details on the GROW incentive program and various other financing programs and tax credits are available on the Department of Economic and Workforce Development's webpage. Inquiries can also be directed to their team via email at [email protected].
