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Strong and Prosperous Businesses

Increase infusion of growth capital to Howard County companies by 10% by 2025


FY21 Actual

FY20 Actual

Objective Description

The Howard County Economic Development Authority (HCEDA) seeks to continue to increase the utilization of growth capital in the county. Growth capital supports company expansion or restructuring efforts, workforce development initiatives, and overall investment into the county. Additionally, it helps fill the gaps in existing funding mechanisms for growing companies, ultimately making the region more attractive to growing businesses. Growth capital provided through HCEDA programs can be used to leverage even further investment from other sources. County growth capital sources includes Catalyst Fund activity, Agriculture Innovation, Education and Tech grants, and Workforce Training grants.

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.


  • 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.

Source: Howard County Economic Development Authority

Target = 6,000,000

Detailed Analysis

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