Economic Development Blog
Catch-up on the latest economic development news and events in Allegany County. Be the first to learn about local updates in housing, investment, and business oriented programs and events by signing up for our newsletter and receiving posts directly to your inbox.
- 5/01/2025Economics
Major Grant Helps Propel Aquatic Circle’s Next Big Leap in Aquaculture Innovation
Aquatic Circle, an emerging leader in sustainable aquaculture water filtration technology, has secured a major boost in funding from the Maryland Industrial Partnerships (MIPS) program—an award that will help fast-track its entry into the industrial aquaculture sector. The funding supports a new collaboration with researchers at the University of Maryland Center for Environmental Science’s Appalachian Laboratory (UMCES) to develop and evaluate a self-cleaning water filtration system designed for brackish and saltwater shrimp farming.This MIPS award is the latest in a series of strategic investments backing Aquatic Circle’s work, including support from TEDCO, the University of Maryland, and Allegany County’s CleanTech Research & Development Grant. These resources have enabled the startup to expand research, build and test prototypes, and move its innovative technology closer to commercialization.“It always feels good when other people actually believe in what I believe in,” Minh Dung Hoang, founder of Aquatic Circle, said. “It’s hard to convince people that there’s new technology out there that actually might change the industry since the industry has existed for thousands of years.” - 4/24/2025Economics
The Acceleration Trail Business Incubator Opens in Downtown Frostburg
A new business incubator designed to support early-stage companies opened in Frostburg this month. The Acceleration Trail, developed by Allegany County Economic and Community Development (ACECD), will provide startups with targeted resources to grow their businesses and contribute to the region’s innovation economy. Members of the public and entrepreneurs interested in learning more about The Acceleration Trail are invited to attend the Entrepreneurial Open House: Connect, Explore & Grow on Thursday, April 24 from 3:00 to 6:00 pm. Located on Main Street in the heart of Frostburg, The Acceleration Trail offers flexible office space, onsite business support services, and proximity to retail, dining, and recreational amenities. Entrepreneurs accepted into the incubator will have access to mentorship, training, and professional development resources provided in partnership with the Small Business Development Center (SBDC) for the Western Region.“We want to give young companies the best chances for success,” stated Adam Strott, ACECD’s Economic Development Specialist. “Offering dedicated incubation support and a growth plan for two to three years lays the foundation for companies to prosper.”Already home to top firms that are pioneering new technologies within the circular economy, Allegany County has become a hub for innovation, making the incubator a natural fit. In Frostburg, Clym Environmental Services, a leader in medical waste management, is completing construction on its state-of-the-art facility. In Cumberland, Geocycle offers an environmentally sound waste removal solution to local and regional manufacturing businesses. Partnerships with the University of Maryland Center for Environmental Science (UMCES) Appalachian Laboratory, the Allegany College of Maryland Makerspace, and Frostburg State University offer additional collaboration opportunities for resident companies. While creating a business incubator was a longtime aspiration for Allegany County, funding the project became a reality three years ago. Funding for the incubator was made possible by the Rural Maryland Economic Development Fund, which was announced by former Governor Larry Hogan in 2022. Of the $50 million designated for the state’s five rural regional councils, Tri-County Council for Western Maryland received $10 million and allocated $100,000 to ACECD to establish the incubator in Allegany County.