Business owners looking to relocate their business need to consider a number of factors when making this decision. Most business owners will evaluate the tax situation, rental and/or land availability and costs, utility costs, infrastructure and availability of technology, availability of employees, the knowledge and skill level of employees, and the quality of life in a given location. What a business owner may overlook, however, is whether or not the area being considered is an Enterprise Zone (EZ).
An Enterprise Zone is a very specific area, ranging in size from hundreds to several thousand acres, that has been targeted for economic revitalization; it generally is a partnership between State, county, and/or local governments. State EZs are administered and overseen by a local zone association or coordinating agency. The criteria for being an EZ are determined by State law. Although the criteria may vary slightly by State, an EZ usually is based on a State’s required level of unemployment, low income, and/or education levels; a decline in overall population; and low occupancy rates for commercial buildings.
Enterprise zones offer businesses a variety of incentives and subsidies from the State and local governments. Any company that meets the criteria is eligible to receive these incentives and subsidies. Common benefits available to companies in an EZ include tax credits against corporate income tax, property tax abatements, investment tax credits, job creation tax credits, lower utility rates, training grants, and financial assistance through loans or bond financing.
A business must meet and maintain performance standards to qualify for the benefits offered by an EZ. First of all, the business must be located within the zone’s boundaries, and it may be required to comply with other requirements such as making a specific capital investment or creating new jobs.
There are several Enterprise Zones throughout the Eastern Shore of Maryland – and more are being added. Click on the following link for more information about Maryland’s EZ program.
There is a listing by county (the Eastern Shore counties are Caroline, Cecil, Dorchester, Kent, Queen Anne, Somerset, Talbot, Wicomico, and Worcester), and you can download the latest map of Maryland’s EZs by scrolling down to RESOURCES and clicking on Enterprise Zone Map.
If you are a business owner who is interested in locating in an Enterprise Zone on Maryland’s Eastern Shore, then please also consider joining hotDesks to have access to a coworking space. Our low monthly membership fee will provide you and your employees with everything you need to work efficiently, inexpensively, and productively.
Not familiar with the concept of coworking? Then check out this Harvard Business Review article that tells why people thrive in coworking spaces. Sound interesting? Then come check us out at hotdesks.org. We think you will like what you see!