Cover photo for Maryland Wood Products Industry Equity Incentive Grant Program

Maryland Wood Products Industry Equity Incentive Grant Program (MD-WPIEI)

Maryland Agriculture and Resource-Based Industry Development Corporation

Closed November 18, 2022


About

MARBIDCO recognizes the importance of the forests products industry from economic, environmental and consumer perspectives, and thus seeks to assist in growing a strong and diversified wood products industry in Maryland. MARBIDCO also has a desire to assist Maryland’s forestry businesses with improving operations and efficiency, increasing productivity and employment opportunities, and supporting new markets development.

The forests products industry has been in decline for several years for various reasons, and the COVID19 Pandemic exacerbated the economic distress. By helping to sustain and grow a healthy forestry industry, investment now will yield substantial longer-term benefits for Marylanders. Recognizing this, during the 2022 session the Governor and Maryland General Assembly authorized $500,0000 in funding for MARBIDCO to establish the Maryland Wood Products Industry Equity Incentive Program (WPIEI).

The WPIEI Program offers up to a 25% matching grant, up to $50,000, for the purchase of equipment or facilities improvement. An ancillary objective of this program is to complement the financial services offered by private commercial lenders by leveraging funds to facilitate larger scale projects which will enable industry growth. This program will help Maryland wood fiber harvesters, processors and manufacturers engage in increased production and utilization of locally sourced wood fiber, improve business operations and efficiency, and pursuit of new markets opportunities.

Eligible applicants may apply for incentive grants for a wide range of equipment and capital asset purchases of specialized forestry and logging equipment and small- and large-scale wood processing equipment. Eligible projects include tangible equipment purchases and facilities improvement costs. 


Products


Eligibility

Eligible applicants include commercial timber harvesters, and primary or secondary wood products processors. Applicants can include sole proprietorships, partnerships, cooperatives, corporations, and LLCs. Grant funds and matching funds must be used for equipment and capital asset purchases (that have a useful life of seven years or more). 

Eligible expenses include wood processing equipment and facilities, sawmills, dry kilns, skidders, in-woods chippers, primary and secondary wood processing equipment, optimization systems for maximizing fiber yield recovery, shaving and pellet mills, and sawdust dryers.


Terms

Under WPIEI, MARBIDCO will provide up to 25% matching funds of the total project cost, with a maximum grant award not to exceed $50,000. Grant funds will be distributed on a reimbursement basis (or direct-to-vendor basis) with appropriate documentation provided.


Resources


Similar Programs


Details

Deadline

November 18, 2022

Organization

Maryland Agriculture and Resource-Based Industry Development Corporation (MARBIDCO)

Financial Instrument

Grant

Maximum Award Amount

$50,000

Image Credit

Dinea Motau


Updated October 22, 2022

This information was gathered from public sources. Ambrook is not responsible for or able to affect the results of any financial programs listed, nor are they responsible for any incorrect information that is listed or is on the hyperlinked external sites. All information is subject to change.

Explore hundreds more programs on Ambrook.