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.
- 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.
- 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.
- 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.