Hancock is a designated Washington County and State of Maryland Enterprise Zone. This means that new businesses coming into Hancock can apply for the following incentives:
- 10-year tax credit
- 80% credit for the first five years, then it lessens by 10% each year until it runs out
- The business would also not be subject to the Excise Tax fee
- There are also some income tax credits included with the Enterprise Zone
Summit Financing Solutions offers two programs for small businesses looking to obtain financing. These two programs are the Western Maryland Revolving Loan Fund (RLF) and the State Lottery Terminal (SLoT) Fund.
The Western Maryland Revolving Loan Fund Program is a pool of money granted by federal and state entities for the purpose of making loans to create and/or save jobs. Borrowers repay loans and the money is returned to the RLF to make other loans. In that manner, the RLF becomes an ongoing or “revolving” financial tool.
The State Lottery Terminal (SLoT) Fund, under Maryland law, provides for 1.5% of the proceeds generated from video lottery terminals (slots) to be contributed to the State Lottery Terminal (SLoT) Account to be distributed to small, minority and women-owned businesses (Targeted Businesses). All of Garrett, Allegany, and Washington counties are recognized as a targeted area for the SLoT Program and represent TCCWMD’s primary jurisdiction for utilization of SLoT funds for business loans.