There is a new grant program designed to reduce the number of office vacancies in Baltimore County.
County Executive Kathy Klausmeier announced the launch of a Department of Economic and Workforce Development program called “Grant for Revitalizing Office Workspaces” (GROW).
GROW is an incentive program which will provide funding for businesses signing their first commercial lease in Baltimore County. It aims to help people starting a business with the expenses that go along with initial commercial lease activity.
“Baltimore County’s strong economic climate makes it a great place to operate and grow a business, and providing support to companies new to the county is an investment in our commercial vitality and economic future,” Klausmeier said. “We’re proud to offer innovative programs that ease financial obstacles so companies can establish a presence in the area and be successful for years to come.”
The county will offer up to $80,000 to eligible businesses signing their first commercial lease in Baltimore County. Certain businesses may get $8 per square foot for a 36-month lease for Class A or B office space. The funds will be available on a first-come, first-served basis.
“The GROW program is designed to attract new employers into Baltimore County, while also offering opportunities for business who started in Baltimore County to expand in Baltimore County,” said Jonathan Sachs, director of Baltimore County’s Department of Economic and Workforce Development. “The goal of the program is to continue to create an environment that supports businesses in achieving their goals.”
Some details about the GROW program include:
- Businesses must apply within 180 days of signing a new, direct lease with a landlord for Class A or B office space.
- Businesses with a demonstrated need for required laboratory space may be eligible for the lease of Class A or B flex space.
- A minimum 36-month lease term is required.
- The landlord may not be a parent, subsidiary, or affiliated entity of the applicant.
The county will hold an information session on Wednesday, Feb. 26 at 10 a.m. for people interested in learning more. The session will take place at 305 Washington Avenue, 5th Floor, Towson, MD.
More information about GROW, and other direct financing programs offered by the Department of Economic and Workforce Development, is available on the department’s Financing Programs and Tax Credits for Business page or by emailing this link.
