Small Business Loan Program in Baltimore County

Dec. 15, 2011 - PRLog -- Five new banks have pledged to fund the expansion of a Baltimore County loan program targeted at helping small businesses, county officials announced Wednesday.

The Baltimore County Small Business Loan Partnership’s fund will grow by $2.35 million, with the total fund being worth $12.35 million up from its current value of $10 million, said Fronda Cohen, spokeswoman for the county’s Economic Development Department.

The program assists businesses located in Baltimore County or planning who are planning to relocate to Baltimore County, with purchasing real estate and equipment. The program is a partnership between private lenders and the county’s Economic Development Department.

In order to qualify for the program, businesses must employ fewer than 100 people when they apply. The maximum loan amount is $500,000 or 40 percent of the applicant’s project, whichever is less.

Loans from the fund require 10 percent equity, rather than the typical 20 percent required by banks. The program also assists business owners in receiving favorable terms on the loans.

“These loans are critical to providing small businesses with capital to invest in people, equipment or buildings,” County Executive Kevin Kamenetz said in a statement.

The five lenders that joined the program are: CFG Community Bank, Sandy Spring Bank, Peoples Bank, Northwest Savings Bank and TD Bank. The addition of these lenders brings the total number of participating banks to 20.

“The fund will assist business owners in obtain loans that they otherwise wouldn’t be able to”, said Patrick Shurney, a senior vice president and Chesapeake region market leader at Sandy Spring.

“There’s not much access to capital out there right now, so small businesses are really struggling,” he said.

This program will give small business owners another financing option other than traditional Business Loans, Merchant Cash Advance, or a Business Cash Advance.

The program started in 1996. For more information, call 410-887-8000.

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