Maryland has about 635,000 small business owners who can apply for small business grants. Submitting an application and competing for Maryland small business grants can help you grow your small or medium-sized enterprise in the Old Line State.
Maryland’s economy has a gross domestic product of $470.2 billion as of 2022. That’s the 17th largest GDP in the United States out of the 50 states and the District of Columbia. Small businesses contribute to the nation’s economy.
Small and medium-sized firms exported about $5.2 billion worth of goods from Maryland in 2020, which ranks 18th in the nation out of the 50 states and Washington, D.C., according to the most recent U.S. Census Bureau export data.
Below we highlight some of the top small business grants in Maryland that you can explore.
Grants for Small Businesses in Maryland
If you’re looking for small business grants in Maryland, here are some potential options to consider:
Partnership for Workforce Quality (PWQ) Grants
- Program description: The PWQ program provides eligible small and mid-sized manufacturing and technology companies with matching grants to train employees.
- Incentive: Receive matching grants of between $10K and $200K to implement a workforce training project that bolsters the skills of your employees.
- General requirements: Here are some of the general requirements for this grant:
- Be a Maryland-based employer
- Have at least 10 full-time employees
- Be current on your state tax obligations and not in default with any Maryland Department of Commerce program
- Priority will be given to manufacturing and technology companies
- How to apply: Contact your Maryland Department of Commerce regional representative to apply for PWQ funding. Small and minority-owned businesses in Maryland with 150 or fewer employees are encouraged to apply.
Build Our Future Grant Pilot Program
- Program description: The Build Our Future Grant Pilot Program provides Maryland-based private companies with matching funds to acquire, construct, or improve eligible innovation infrastructure projects, such as wet laboratories or cyber ranges.
- Incentive: Receive up to $2 million in a fiscal year and use the funds to support innovation in select industries ranging from advanced manufacturing to sensors and robotics.
- General requirements: Here are some of the general requirements for this grant:
- Be a Maryland-based company in good standing with the state
- Propose an infrastructure project that advances innovation and growth in an eligible technology sector
- Demonstrate an ability to cover the full estimated costs of the innovation infrastructure project
- For a grant award exceeding $1 million and up to $2 million, a grantee shall provide matching funds that are at least 400% of the grant amount
- How to apply: You can submit your Build Our Future Grant Pilot Program phase 1 application to the Maryland Department of Commerce via email.
Cannabis Business Assistance Fund
- Program description: The Cannabis Business Assistance Fund can reimburse some of your out-of-pocket expenses when filling out and submitting an application for a Social Equity Cannabis Business License in Maryland.
- Incentive: Receive up to $5,000 in reimbursement for hiring professional advisors that can help you apply for a cannabis business license in the Old Line State.
- General requirements: Here are some of the general requirements for this grant:
- Be a Social Equity applicant as determined by Maryland’s Office of Social Equity
- Be an existing small business in good standing with the state of Maryland
- Have 50 or fewer employees per license
- Business must be at least 51% owned by individuals whose personal net worth does not exceed $1.7 million
- Complete and submit a Social Equity Cannabis Business License application
- How to apply: Apply online when the Cannabis Business Assistance Fund application portal opens.
ExportMD Program
- Program description: The ExportMD Program can reimburse some of your international marketing expenses if you own and operate an eligible Maryland small business.
- Incentive: Receive up to $5,000 in reimbursement for eligible business expenses. The grant can reimburse a variety of expenses, such as the costs of producing international marketing materials or participating in an overseas trade mission.
- General requirements: Here are some of the general requirements for this grant:
- Be an established Maryland business in operation for at least 12 months
- Be in good standing with the Maryland Department of Assessments and Taxation
- Meet the federal definition of small business for your industry
- Recipients of the ExportMD grant in the last year are not eligible
- How to apply: Contact the Maryland Department of Commerce if you’re interested in the ExportMD Program.
Maryland Agricultural and Resource-Based Industry Development Corporation (MARBIDCO) Grants
- Program description: MARBIDCO offers several grant incentive programs for farm, forestry, and seafood businesses, including the Maryland Urban Agriculture Commercial Lending Incentive Grant (MUACLIG).
- Incentive: Eligible urban farmers can receive up to $15,000 for equipment and working capital and up to $35,000 for real estate purchases under this program.
- General requirements: Here are some of the general requirements for this grant:
- Operate a farming business in an urban area as defined by the U.S. Census Bureau and any incorporated municipality recognized by the state of Maryland
- Have 10 or fewer years of commercial farming experience or a net worth less than $300,000
- Propose an urban farming project that involves eligible business activities, such as the purchase of farm tools, equipment, irrigation systems, and real estate
- Your urban farming project must be funded partially by commercial lender funds to be eligible for a MUACLIG award.
- How to apply: You can download applications on the MARBIDCO website for any available grant programs.
Maryland Manufacturing 4.0 Grant Program
- Program description: The Maryland Manufacturing 4.0 grant program provides matching funds to small and mid-sized Maryland manufacturers to adopt new technologies and digital business practices.
- Incentive: Eligible manufacturers can receive $25K to $500K in matching grants for the purpose of implementing a proposed modernization project.
- General requirements: Here are some of the general requirements for this grant:
- Be an existing business in good standing with the state of Maryland
- Company has operated for at least three years
- Be a manufacturing sector employer under the North American Industry Classification System (NAICS)
- Have between three and 250 total full-time employees
- Be in good standing with federal Occupational Safety and Health Administration and Maryland Occupational Safety and Health regulations
- Demonstrate an ability to implement a proposed modernization project
- Adopt Industry 4.0-related technologies
- Demonstrate your ability to meet the matching funds requirement
- How to apply: Download the Maryland Manufacturing 4.0 Grant application on the state Department of Commerce website and apply during an open grant period.
Who Provides Small Business Grants in Maryland?
State government agencies, including the Maryland Department of Commerce, offer a variety of small business grants in the Old Line State.You can compare small business grants in Maryland with similar programs in other states, such as:
- Arizona small business grants
- California small business grants
- Colorado small business grants
- Florida small business grants
- Indiana small business grants
- Michigan small business grants
- NC small business grants
- New York small business grants
- Ohio small business grants
- Texas small business grants
- Wisconsin small business grants
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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23 small business & side hustle ideas for 2023
When you’re thinking of starting a new business, there are plenty of possibilities to consider. But what if you don’t have a large startup budget ready to go? Doesn’t that limit your dreams severely?Whether you’re trying to launch a side hustle to supplement your day job or you just want to be your own boss, there are many businesses you can start that don’t require huge sums of money.
Explore this list of 23 of our best small business ideas. The sooner you get started, the sooner your small business might be the next great success story.
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At-home workouts became popular during the pandemic restrictions, and it’s still a favorite go-to for busy people who need exercise. If you’re a fitness lover, you may be able to launch an online training business in one of a number of different ways. An easy way to get started and build an audience is by making videos to post on YouTube or sell as a course. According to a survey by Personal Trainer Development Center, online-only trainers made $54,000 yearly on average prior to the pandemic.
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Developing websites — building and maintaining their core structure — is a technical skill that’s in high demand. Yet, it’s also a skill that you can teach yourself through videos, website lessons, and books. Once you’ve mastered and practiced the skill, you can build a portfolio and start pitching clients. All of that takes time and effort but not really money.
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Web design is a skill set you can market as a freelancer, providing your services to multiple companies that need help with the usability and aesthetics of their sites. You can focus on helping design websites from scratch or on troubleshooting and/or redesigning existing websites, or even on a combination of both. Pay for web design may run at around $60 per hour and a full website design might pay between $5,000 and $10,000.
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If you’re wondering what kind of business to start, you might think about consulting in an area you’ve already worked in, like human resources, management, IT, or operations. You can set your own hours, potentially charge more than you earned as a full-time employee, and pick and choose the projects you’ll enjoy the most.
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Starting your own graphic design business is another easy option for people who have the talent and experience. If that’s you, you can launch a website with some portfolio pieces and start pitching potential clients. If you’ve already been a graphic designer for a company, you likely already have everything you need to get started. As of May 15, 2021, the average hourly pay for a graphic designer in the U.S. was $17.99.
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Life coaching can be an extremely satisfying business. You can pick a niche you’re passionate about, like career changes, productivity, health and fitness, or some other idea you find compelling. Getting certified as a professional coach may increase your clout and marketability. While that training probably won’t be free, you might consider it an investment and take out a loan to cover your tuition.
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Whether you’ve been a hobby sewer throughout your life or just picked up the new skill during the pandemic, you may be able to turn that interest into a business. You can specialize your services in any number of ways, like making alterations, designing custom home decor like curtains and pillows, or creating hand-sewn crafts to sell.
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Résumé writing is in demand, thanks to how many people are job hunting. If this is something you have a knack for, you can either find clients on your own or freelance for a résumé agency. The average yearly income for a full-time résumé writer is $42,745, but pay varies. Bear in mind you may be able to earn more if you have expertise in a specific industry. (Learn more atWhat is a Swaption?)
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Selling used books online can be fun as well as lucrative for bibliophiles. It does involve some startup costs since you’ll need to stock up on inventory, but sourcing inexpensive books from places like thrift stores or yard sales can be fun, too. Once you make your first few sales on a site like Amazon or eBay, you can reinvest some or all of the profits to keep your inventory growing.
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If you’re fluent in multiple languages, you can utilize those skills as an interpreter or translator. This is work that can often be performed from the comfort of your own home. Global businesses may not have a full-time need for translation services, so you may be able to step in and help them as a contractor. According to the U.S. Bureau of Labor Statistics, the most recently gathered median annual earning for an interpreter/translator was $52,330.
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Pet owners spare few expenses when it comes to pet care. And since many people adopted new pets during the pandemic, a pet walking or pet care business could provide a big market in many locations. Once you land your first few clients, you can then focus on getting referrals from those successes. Nationally, dog walkers make an average of $29,000 from dog walking, though it’s important to remember that it varies by region and that not all dog walkers view it as a full-time job.
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Creating an online course is a fun way to share your knowledge about topics or skills you’re passionate about. There are many course platforms to choose from. All you need to do is create one or more videos and upload them to the teaching platform. Set a price and, ideally, you’ll soon make some sales.
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Designing and selling digital products (like videos or ebooks) is an easy business to set up, plus it becomes increasingly passive as you build up your library of products. From artwork to educational products, you simply upload your creations to your preferred platform so future customers can find your work.
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Gardens and landscaping became even more popular during the Covid lockdown. They remain favorite pursuits. If you’ve discovered that you have a green thumb, consider launching a landscaping or garden-care business to help your clients maintain beautiful yards all year long. Explore startup funding options to help finance new equipment if you need it.
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Cleaning houses is a service that’s in demand in just about every city and town across the country. Decide what particular types of services you’ll offer and collect the necessary supplies. Also consider getting a general liability insurance policy to protect yourself and your new business since you’ll be in other peoples’ homes. House cleaning can pay from about $13.75 an hour to $19.75 an hour, but that may vary based on your location and what services exactly you’re providing, among other factors. (Learn more atOptions for a $50,000 Personal Loan)
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If you have an artistic knack, consider opening an online shop to sell your own handcrafted goods. You can launch your own website or list your items for sale on an existing platform. You can either build up a stock of inventory first or opt for a made-to-order business model, which can help you save on startup costs.
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Starting a dropshipping business can be ideal for people who enjoy online marketing. As a dropshipper, you curate goods from a wholesale supplier and market them for sale online. However, you don’t hold any inventory. Instead, the supplier handles shipping for you.
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It’s easier than ever to launch your own interior design business, especially if you have some relevant design experience (your kitchen makeover!) to include in an online portfolio. There are a number of different services you might offer, like home staging, product curation, or online design plans. Consider picking a particular niche or style when you first get started so you can attract your ideal client.
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You can start a tutoring business in person, but online tutors are also popular. Pick a subject you’re knowledgeable about, like math, language arts, or English as a second language. There are plenty of online platforms through which you can market your services, or you can network to find students in need of a tutor. Online tutors can make around $30 an hour or, if they teach advanced subjects, as much as $60 an hour.
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Starting your own virtual assistant business gives you a lot of flexibility in the type of work you do and the hours and location from which you work. You can offer a range of remote services as a virtual assistant, including managing schedules, sending emails, or even handling marketing activities.
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Opening a home daycare center is a more involved small business idea, but there’s definitely a need for this service. Be sure to check your area’s local rules and regulations about opening an in-home daycare center. It may be helpful to write a business plan to keep track of everything you need to do. Alternatively, you could start small by just babysitting or nannying for one family, or even working as a parents’ helper.
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Video and audio content is increasingly popular, so you could offer voiceover services as your own business. It’s easier than ever before to do this as a remote job, plus you can get started with some inexpensive equipment, much of which you may already have, like a microphone, mic stand, headphones, and some recording and editing software. Prices for this service vary, but you might expect to make around $100 for a local radio commercial, up to $10,000 for a national television commercial, and anywhere from $200 to $300 an hour for an audiobook.
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Flipping — finding and reselling or even fixing up and reselling — used items for a profit can be a great business idea if you love bargain-hunting at thrift stores, yard sales, or even clearance shelves. To get started with no budget, you can even flip your own unwanted items from your home on an online auction site, for instance. As you make a little money, you might want to start expanding your inventory.
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Starting any new business takes some work, but the rewards are often worth it. As you get more involved in a new business — and even as it gets more profitable — you may find you need to put more resources into it. You can launch your next idea by exploring financing options.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
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