Areas Served: Garrett, Allegany, and Washington counties
The TCC Revolving Loan Fund serves as a source for gap financing for small businesses seeking to locate or expand in Maryland’s Garrett, Allegany, and Washington counties.
Established in 1980, the program has facilitated the creation and expansion of businesses that have created or saved jobs in the Appalachian region.
The program operates by participating with banks and other lenders to assist in financing a business project.
The major difference between the Tri-County Council RLF and conventional lending is the lending goal.
For the TCC RLF, the goal is creating and saving private-sector jobs.
RLFs are not intended to match the capacity of banks or other lending organizations.
The TCC RLF is designed to fill gaps in existing local financial markets and to provide or attract capital which otherwise would not be available for economic development.
Eligible Uses of Funds RLF loans may be used for land and building costs, purchase of machinery and equipment, and working capital.
This applies to existing businesses, as well as start-ups.
Ineligible Uses of Funds – Refinancing existing debt – Real estate for speculation – Projects that do not create or retain permanent jobs – Projects that otherwise qualify for financing through traditional lenders or other programs Job Requirements The project to be financed must create or retain a minimum of one job for each $30,000 of RLF funds requested.
Loan Terms – Loans range from a minimum of $10,000 to a maximum of $400,000. – Maximum loan terms are 5 years for working capital, and up to 15 years for fixed assets.
– Interest rates are tied to the prime interest rate and are currently prime plus 1 percent, with a floor of five percent
Contact InformationTri-County Council for Western Maryland
Address: 1 Technology Dr
City: Frostburg
State: Maryland
Website:
http://www.tccwmd.org/programs/rlf.html
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