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Baltimore Economic Development Fund

A new economic development tool to support Public Higher Education Institution (PHEI) created or sponsored technology companies and entities locating in Baltimore City. 

Criteria:

  • Applicants must be nominated by their academic institution.
  • Applicants must create high wage jobs (150% of minimum wage) in Baltimore City.
  • Affiliated entities include those based on Intellectual Property owned by a Maryland PHEI and/or entities with founders who are current students or who graduated from a Maryland PHEI within the last ten years.
  • Entities who have a significant and vital collaborative relationship with a Baltimore City PHEI may also qualify.

Benefits:

  • For Emerging Entities
    • Provides 50% rent subsidies up to $6,000 for office space and $12,000 for wet lab space.
    • Must be accepted by an affiliated innovation center in Baltimore City, including:
      • Fast Forward at JHU
      • Harbor Launch at IMET
      • University of Maryland BioPark
      • Emerging Tech Center (ETC)
  • For Established Employers
    • Provides a one-time conditional grant, loan or investment based on job creation.
    • Recipients must create new jobs in Baltimore City by opening a new facility or expanding an existing facility.
    • Recipients must have a significant economic development impact.

Reporting Requirements:

  • Companies are required to report economic impact for three years after receiving the subsidy.
  • Reports must include the number of jobs, increase in revenues and/or investments, and collaborations with Maryland PHEI.