Why locate in New Market?
- Walkable downtown Main Street with new streetscape and ample on-steet parking
- Great drive-by visibility:
- On Main Street: 10,012 vehicles per day
- On I-70: 68,980 vehicles per day
- Great access to I-70 at Exit 62
- Existing critical mass of restaurants, shops, entertainment, artisans, antique dealers and offices
- Business Friendly Town
- Flexible zoning promoting small businesses, mixed use and live-work arrangements
- Numerous development opportunities in existing structures and vacant sites
- Several annual Main Street events
- Numerous resources and incentives such as tax credits and loans
- Numerous marketing support possibilities via:
- Maryland Arts and Entertainment District
- Historic District
- Affiliate Main Street Program
- Designated Sustainable Community District
- National Road, Civil War Heritage Area, and Scenic By-way Designations
Resources & Incentives
Frederick County Business Support and Incentives
- Tax Credits
- Rehabilitated Vacant Commercial Structures Property Tax Credit creates an incentive for vacant structure rehabilitation and capital investment in existing infrastructure for eligible properties. Criteria for the program includes: properties must have been vacant for at least 18 of the last 24 months; properties must be used for non-residential purposes located in an area permitting commercial or industrial use; and the structure must have been constructed prior to the year 2000. For more information and to download an application, please visit the Frederick County Office of Economic Development.
- Historic District Tax Credits are available at the County, State and Federal level. The Frederick County Historic District Tax Credit was enacted in 1975 and revised in 19990. It provides a five-year decreasing credit on improvements made to existing structures within the historic district. The Maryland Competitive Commercial Tax Credit through the Maryland Historical Trust, provides a 20% credit against Maryland income taxes if investment in property exceeds cost of property. The Federal Historic Preservation Tax Incentive is administered by the National Park Service and 20% federal income tax credit, based on the renovation of a certified historic structure.
- Incentives & Taxes
- Small Business Loan Guarantee
- PR Frederick
- Agricultural Business Support
- PACE: Property Assessed Clean Energy
- The Maryland legislature has authorized the creation of a new program called Property Assessed Clean Energy that addresses many of the issues faced by businesses in the financing of energy projects. PACE is a loan program that allows businesses (and nonprofits) to have load repayments turned into property tax assessments that they pay back on their tax bills. This program is attractive to financial organizations because the loan repayment is secured by the ability to put a tax lien on the property and goes with the property if it is sold. Because the loan is tied to the property, the terms for a longer payback than a typical commercial loan can be set, which allows for projects to provide positive cash flow beginning year one. For a resource sheet on PACE, please click here.
State of Maryland Loan Programs
- Programs for Businesses
- Open for Business: Maryland Financing & Incentives
- Neighborhood BusinessWorks Loan Program: The Maryland Department of Housing and Community Development (DHCD) provides gap financing to new and expanding small businesses and non-profit organizations. Loan amounts up to $500,000 or 50% of total project costs, whichever is less.
- Reinvest Maryland Toolbox: Ever wonder what federal and state resources you might tap for your upcoming project, but don’t know where to start? More than 100 programs support infill, redevelopment and revitalization in Maryland. How to find the best ones to support your work? The Maryland Department of Planning developed the Reinvest Maryland Toolbox as a searchable, online resource to point you to the right programs.Small Business Administration Loan Program
- Sustainable and Main Street District Boundary Map
- Town of New Market Contacts
- Town Zoning Administrator: Patricia L. Faux
- Main Street Coordinator: Maria Dalton