Increase infusion of growth capital to Howard County companies by 10% by 2025
Objective Description
Trend Analysis
In FY21, the catalyst loan fund program was able to draw down additional funds from the Maryland VLT program, allowing it to increase its lending capacity. Additionally, the state’s COVID Relief Program provided additional loan funds, and expanded the eligibility of the program. As a result, the applicant pipeline, as well as the total growth capital infusion, are grew in FY21 and is expected to continue to remain high into the future.
Strategies
- Continue to integrate education on growth capital opportunities into all business support activity.
- Increase promotion of Catalyst Fund and Agriculture Grant success stories through marketing channels to expand awareness.
- Provide finance support to small businesses that could otherwise not access capital.
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Source: Howard County Economic Development Authority