The Program
The purpose of the SWED Shovel Ready Site program is to better compete for large scale economic development projects by encouraging shovel-ready sites through upfront and creative financing.
General Terms, Conditions and Eligibility
- Minimum of ten acres or ability to support a minimum of 100,000 sf facility
- All utilities exist and are at site (electric, natural gas, municipal water/sewer, fiber/internet)
- All utilities have capacity to accommodate a significant new development
- Transportation network exists with capacity to accommodate significant new development
- Zoning is light industrial, heavy industrial, industrial park or planned development district
- Applicant must evidence legal site control for a minimum of three years
- Proposed site improvements must be offered for lease or sale
- Targeted economic sectors include manufacturing, logistics or other industrial
- Targeted minimum number of jobs = 25
- Typical applicants are commercial real estate brokers, land owners or development companies
General Loan Term & Conditions
- Loan must be fully collateralized as determined by committee
- Final loan terms are determined by committee and based on project risk
- Typical loan includes interest only for a period of time and a principal payment once the property is sold or leased
- Loan amount is typically determined by scope of work estimate provided by a licensed site development firm or individual
- Program subject to fund availability
Contact SWED at 410-749-1251 or info@swed.org to further discuss specific projects and opportunities.
