Business Resources & Incentives

Resources

If you do not find the resource below that you are looking for, please contact Melinda Kelleher at melinda.kelleher@cumberlandmd.gov.

Maryland-based Resources

Incentives

Cumberland’s Downtown Central Business District has a variety of City, County, State and even Federal designations such as Enterprise Zone, Hub Zone, Opportunity Zone, A&E District, Historic District, and Main Street District.

These designations offer tax credits and potential funding opportunities not offered in other areas making it the ideal location for a new or expanding business, or to invest in property. Below are some of our local programs and resources offered to our businesses, investors, and other stakeholders interested in making an investment in our downtown area.

Historic Preservation Tax Credit Program

To encourage private sector investment in the rehabilitation and re-use of historic buildings, and to promote investment in local economies, Maryland state law grants the city of Cumberland the authority to provide local historic preservation tax credits. In addition to local tax credits, The City of Cumberland encourages the owners of certified buildings to also apply for state and federal tax credits as well. These tax credits can be used alone, or in conjunction with each other to help offset expenses related to rehabilitation of certified historic structures. To qualify, these structures must be either listed individually on the National Register of Historic Places and located in one of the area below:
  • Canal Place Preservation District
  • Downtown Cumberland National Register District
  • Washington Street National Register District
  • Greene Street National Register District
  • Decatur Street/Decatur Heights National Register of Historic Places District
  • South Cumberland/Chapel Hill National Register of Historic Places District
  • Rolling Mill National Register of Historic Places District
For more information, please contact Melinda Kelleher at melinda.kelleher@cumberlandmd.gov.

Senator George C. Edwards Fund

In the 2022 Legislative Session, the Maryland General Assembly passed Senate Bill 474, sponsored by Senators George Edwards, Paul Corderman and Katie Hester to catalyze economic development in Western MD. The legislation called for the creation of the Senator George C. Edwards Fund and established the Western Maryland Economic Future Investment Board to review, evaluate and rate applications for funding from the program.

The Board will seek projects that make a substantial economic impact, bringing significant employment opportunities and/or increasing the tax base in Western Maryland. There are two categories of funding. Money in the fund can only be used to award grants and provide loans to capital infrastructure projects and business development projects to improve the economic conditions in the region.

Infrastructure Funding

  • Used in the traditional sense of infrastructure, such as broadband connectivity, road access improvement, utility connections, property purchases, building/housing construction, and improvements, etc.
  • Must lead to creating new jobs that pay at least 120% of the State Minimum Wage.
  • Requires at least a minimum 20% match of total project costs from local government, the business itself, or another source to be reviewed and approved by the Board. Higher matches will be given preference.
  • The Board may increase the minimum match requirement from local government, the business itself, or other sources to preserve fund capital and allow funding of more projects.

Business Development Funding

  • Must lead to creating new jobs that pay at least 120% of the State Minimum Wage.
  • Requires at least a minimum 10% match of total project costs from local government, the business itself, or another source to be reviewed and approved by the Board. Higher matches will be given preference.
  • Assistance may be offered in the form of a grant or a loan, depending on available funding and the characteristics of the project.
  • The Board may increase the minimum match requirement from local government, the business itself, or other sources to preserve fund capital and allow funding of more projects.

Inquiries should be made to the Executive Director, Jake Shade at jshade@lockhousegroup.com.