Business News From The City of Frederick, Maryland
September 2022
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When visiting local small businesses, I consistently hear that inflation and workforce remain the top concerns facing them as we head into fall and winter seasons. This anecdotal information is supported by data from the US Chamber of Commerce which shows that inflation is disproportionately hitting small business, which in turn, is negatively impacting confidence, hiring, and business investment. Business owners are expressing some optimism that interest rate increases by the Feds will temper inflation trends. Fortunately, Frederick’s economy remains strong with positive residential and job growth, along with a very diverse industry base and highly desirable quality of life which help temper national trends.
As if national economic trends are not enough, businesses can also face a multitude of other adversities – like fire, flood, and theft. None of us expect bad things to happen, but those that plan for disaster recovery can be a step ahead when lightning strikes.  Unfortunately, several city businesses - Tiara Day, Record Exchange, Frederick Book Arts, and Potomac Tile and Carpet – have experienced fire related damage to their business and each is in different stages of recovery.  Look for resources in this issue of Business eNews to assist in disaster planning and preparation.
In closing, let me highlight a recent $4.6 million Federal EDA Grant to Frederick’s tech incubator/accelerator for its new facility located here in the city at 321 Ballenger Center Drive. This federal grant along with investments by the City and County will make this new state-of-the-art facility a reality - a huge step forward for growing new startup tech companies here in Frederick! Kudos to our federal delegation, the FITCI team led by Kathie Callahan-Brady and the City of Frederick federal grants consultant Sustainable Strategies DC for a job well done. 
Enjoy the cooler breezes as fall arrives.
Richard G. Griffin, AICP, CEcD
Director, Economic Development
Watch here as Mayor Michael O'Connor delivers the 2022 State of the City address.

In the briefing, he discusses recent local accomplishments and shares updates on actions & initiatives designed to ensure that The City of Frederick remains the best place to live, work, and do business.
Disasters can take many forms and the financial cost of rebuilding after a catastrophe can be overwhelming. If you’re prepared for emergencies, you’ll be in a better position to recover and continue operations should disaster strike.

Walk through the steps to assess your risks and create an emergency preparedness plan here.
Although no one would ever wish to go through a disaster, experience is a powerful teacher.

We caught up with three local businesses that have weathered unexpected disasters in recent years and asked them to share the wisdom they gained through their recovery process.
The U.S. Economic Development Administration has announced the award of a $4.6 million grant to Frederick Innovative Technology Center, Inc. for building renovations at a new Frederick-based science business incubator.

The planned incubator will offer accessible laboratory & office space along with entrepreneurial support services to help launch new high-tech start-ups. The project is projected to create hundreds of new local jobs and spur over $100 million in new private investment.
Frederick was proud to once again host the Frederick National Laboratory for Cancer Research and National Cancer Institute Technology Showcase.
The event gathered biotech stakeholders and companies of all sizes -- from 13 states and 3 different countries-- to hear from top inventors about technologies primed for commercialization.
Learn more here.
The Department of Housing and Community Development (DHCD) is offering a third round of Opportunity Zone Microgrants ranging from $50,000 to $100,000 to businesses that are expanding within an opportunity zone in Maryland​. Applications will be accepted online starting October 4th. Learn more here.
Frederick's Weinberg Center for the Arts will be managing the historic New Spires Arts space and black box theater and has already secured several exciting acts and shows. Read on to learn what talent is headed to the venue in the coming months!

Cowork Frederick recently celebrated 10 years of providing coworking space to a growing community of small business owners and entrepreneurs. In support of that growing community, they are also expanding into additional space right next door to their current location. Congratulations!

Frederick Community College and The ARC are hosting a summit on October7th, on Hiring Individuals with Developmental Disabilities. If you wish to learn more and attend, read on here.

Woman-Owned Tenth Ward Distilling Company has begun distributing their canned cocktails to all Virginia ABC stores. Way to go, X Ward!

Frederick Community College, The City of Frederick and Frederick County have partnered to introduce and offer a FREE Food Business Entrepreneurship Program. If you are interested in potentially going into the food industry, this may be just the thing for you!

Does your business have news to share? Send us a press release and we'll help share that great news locally and regionally. Find out how!
Congratulations to the following anniversaries and grand openings:

If you have a business that has opened, relocated, expanded or celebrated
a milestone anniversary in the last 3 months, please tell us!
Bioinnovation Conference - INNOVATION WITH GLOBAL IMPACT
October 3-4, 2022
Frederick National Lab for Cancer Research: Federal Government Contracting Conference for Small Businesses
October 6, 2022
Frederick County Chamber: Coffee & Contacts
October 7, 2022
Frederick County Chamber: Lunch Exchange
October 11, 2022
Frederick County Chamber SOCIAL: Business Equity Coalition
October 12, 2022
Frederick County Chamber: October Business Card Exchange
October 19, 2022
City of Frederick | Economic Development | 301-600-6360 |