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Rural Economic Development

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Issue:

Business and job retention and expansion are critical to nine Eastern Shore counties.

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Actions:

UME Rural Development Center at UMES in cooperation with counties has received over $12 million in grants to provide: revolving loans, technical and marketing assistance, research, feasibility studies, planning, heritage and nature-based tourism, and microbusiness assistance.

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Impacts:

• Invested $1.8 million in 158 Eastern Shore development projects (average $11,279 investment) and leveraged $10.3 million in local share investments, total of $12.1 million.
• Lent $12 million to over 50 manufacturing businesses in cooperation with the 4 Lower Shore Counties. Leveraged $60 million private lending. Impacted 4,000 jobs.
• Assisted the 4 One Maryland designated counties (Caroline, Dorchester, Somerset and Worcester) to develop implementation plans for funding under the program.
• Adoption and implementation of 4 county Comprehensive Economic Development Strategies.

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For more information, contact Dr Nick Place

Last updated: 11/13/2009

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