August 23, 2023
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At the Howard County Economic Development Authority (HCEDA), we understand it can be challenging to access the necessary resources for growth. In response to the evolving needs of our business community, we are thrilled to announce the expansion of our programs to provide more resources, support, and guidance to help businesses succeed.
Access to capital is pivotal for entrepreneurs, which is why we created the LIFT Fund, an initiative that provides microloans ranging from $10,000 to $30,000. These loans are designed to assist Howard County businesses in acquiring equipment, increasing working capital, and covering improvement costs. Alongside the Catalyst Fund loans, the LIFT Fund ensures that we cater to businesses of varying sizes and needs.
We are also excited to announce the expansion of our Entrepreneur in Residence (EIR) mentorship program. We believe that mentorship accelerates growth for small businesses. By offering personalized assistance and support, mentorship provides valuable expertise and industry insights that enable small
businesses to navigate challenges, make informed decisions, and seize growth opportunities with greater confidence.
Through these initiatives, HCEDA is dedicated to empowering Howard County's businesses with the resources and programs to achieve success.
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Sincerely,
Jennifer Jones
CEO, Howard County Economic Development Authority
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Our Mission: The mission of the Howard County Economic Development Authority is to promote economic growth and stability in Howard County by supporting existing businesses, attracting targeted new businesses, and
attracting corporate and/or regional headquarters; to serve as the liaison between public and private economic development and planning organizations; and to recommend policies to County government that support the achievement of planned economic goals.
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HCEDA's LIFT Fund |
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The Leveraging Investment for Future Transformation (LIFT) Fund offers microloans ranging from $10,000 to $30,000 for a 3–5-year term to small businesses in Howard County. The LIFT Fund is designed to support businesses in various
categories, including minority-owned, women-owned, and veteran-owned enterprises. If you are a small business looking for a microloan to assist you with equipment purchases, working capital, improvement costs, etc., check out the LIFT Fund and apply online today.
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About the LIFT Fund |
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Howard County Business Success Story:
BAMBA Foods |
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In celebration of National Black Business Month, HCEDA shines a spotlight on Bamba Foods – a remarkable Black-owned business and Collateral Assistance Fund success story. Based in Columbia, Bamba Foods proudly produces plantain chips distributed nationwide. The Collateral Assistance Fund played a pivotal role in their recent expansion.
Akin Falodun, Founder and CEO, highlights the impact: "One of the ways the Catalyst Fund has helped my business is through product diversification. With the additional capital, we were able to expand our product line by introducing new flavors (BBQ, Spicy, and Sea Salt) of our plantain chips. This diversification has not only attracted a wider customer base but has also increased revenue streams for Bamba Foods."
This success story serves as an example of how strategic financial support can fuel innovation and open new avenues of growth for local businesses.
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Maryland Manufacturing 4.0 Grants
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The Maryland Manufacturing 4.0 grant program empowers small and mid-sized manufacturers in Maryland to enhance competitiveness and spur growth through Industry 4.0 technologies, machinery, robotics, and digital strategies. Manufacturers can access grants ranging from $25,000 to $500,000, empowering them to adopt innovative technologies, machinery, robotics, and digital practices, thus reinforcing their competitive edge and driving sustained expansion.
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About the MIC
Operating under the umbrella of the Howard County Economic Development Authority, the Maryland Innovation Center (MIC) is an innovation hub offering a robust support system for both budding and established entrepreneurs. Its comprehensive blend of mentorship, partnerships, and resources acts as a catalyst for economic growth and prosperity, propelling the advancement of its members.
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MIC's Entrepreneurs in Residence Program
Welcomes New Mentors
The MIC's Entrepreneurs in Residence program is undergoing an exciting expansion as it welcomes a diverse group of new mentors! Mentorship is at the heart of the MIC's approach, a pivotal element that fuels the entrepreneurial journey. These mentors offer a spectrum of expertise, ranging from financial guidance and strategic mapping to legal counsel and refining sales pitches. With the introduction of fresh mentors, the program's accessibility amplifies, ensuring that even more entrepreneurs can benefit from the wisdom and insights shared. This expansion not only bolsters the program's reach but also enriches its industry-specific knowledge base. Read more about the EIRs below.
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| Entrepreneurs in Residence |
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Cochran Coaching, LLC's Journey to Success
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Uncover the incredible advantages of mentorship with the MIC BRITE program! In this video testimonial, Zachary Cochran from Cochran Coaching LLC, an MIC Amplify member, takes you through his extraordinary business journey, showcasing how the guidance from MIC's Entrepreneurs in Residence (EIRs) revolutionized his enterprise. All businesses located in Howard County can access up to six hours of complimentary mentoring via the BRITE program.
Click the link below to learn more about his story and the insights he gained from MIC's EIRs.
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| Zachary's Story |
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Apply to Participate in the MIC's
Pitch and Mingle: The Great Pumpkin Pitch
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Exciting news! Applications are now open for the third annual Pitch and Mingle: The Great Pumpkin Pitch. We're on the lookout for innovative early-stage ideas that can disrupt markets and make waves. Craft a compelling 4-minute pitch and be ready for a 4-minute
Q&A session with our panel of judges and audience members – all for a shot at cash prizes. Submit your application by September 15th!
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Sponsor the 2023 End of Summer Bash!
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Join us in making waves at the MIC's End of Summer Bash on September 21st at the Merriweather Lakehouse! With sponsorship levels ranging from $500 to $3,000, you can be a pivotal part of creating an amazing event that will be remembered by all. For more details and to secure your spot as a valued sponsor, reach out to MIC's Associate Director, Aphaia Harper, at aharper@hceda.org.
Don't miss out—registration is now open for the End of Summer Bash! Hurry and secure your spot before early bird ticket pricing ends. Get your ticket today and be part of the excitement!
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| Register Here |
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Upcoming BRITE Events |
The Business Revitalization Initiative Through Entrepreneurship program—or BRITE Program—accelerates the journey from innovation through commercialization. From mentoring to marketing, product development to pitching, BRITE provides early stage startups and seasoned businesses in Howard County with direct pathways to entrepreneurial success. Here is a list of upcoming BRITE programs:
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Thursday, Aug. 31 | 12 - 1:30 PM
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Wednesday, Sept. 6 | 12 - 1 PM
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Thursdays, Sept. 7–Sept. 28 | 1 - 3 PM
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Tuesdays, Sept. 12–Oct. 17 | 11:30 AM - 1 PM
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Thursday, Sept. 14 | 12 - 1:30 PM
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STEER Tech Showcases Autonomous Innovation at MACo Annual Summer Conference
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STEER Tech, a Howard County company, recently attended the Maryland Association of Counties (MACo) Annual Summer Conference at Ocean City's
Roland Powell Convention Center in Worcester County. With nearly 2,000 government officials in attendance, the event provided a prime networking space. The conference hosted state agency and regional county meetings alongside 30 educational sessions, featuring 80 speakers from various sectors.
Pictured above is Howard County Executive Calvin Ball (right) alongside STEER Tech CEO Dr. Anuja Sonalker (center), who also holds a position on the HCEDA Board. Dr. Sonalker's leadership mirrors STEER Tech's trailblazing efforts in autonomous technology, spanning
mobility solutions for both businesses and consumers. This participation underscores STEER's unwavering commitment to driving progress and innovation, actively shaping the dynamics of regional mobility.
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Celebrating Black-owned Businesses
During National Black Business Month
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In celebration of National Black Business
Month, the HCEDA members commemorated two Black-owned enterprises last week: Althea’s Almost Famous Catering and American Bully Manufacturing. Each of these
enterprises was presented with a certificate of distinction. Althea’s Almost Famous Catering specializes in Jamaican cuisine, drawing inspiration from owner Althea Hanson's grandmother. American Bully Manufacturing is a team of experienced entrepreneurs, creative engineers, and design specialists that helps clients present their products to the market.Their approach involves engaging clients in their process, fostering a learning environment, all while advancing their mission to provide innovative solutions.
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Apprenticeship Opportunity Program for Businesses
Businesses in Howard County that establish novel apprenticeship programs for Maryland apprentices can access funding of up to $5,000 per apprentice, with a maximum total allocation of $20,000 per organization.
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