Areas Served: Statewide, Maryland
The Guaranty Fund Program provides financial assistance to eligible Maryland businesses in the form of loan guaranties and interest rate subsidies to financial institutions for long term loans and short-term lines of credit.
A loan guaranty cannot exceed the lesser of eighty percent (80%) of the loan or $1,000,000. The term of the loan cannot exceed ten (10) years with the maximum interest rate of prime plus two percent.
Loan proceeds can be used, among other things, for working capital, the acquisition and installation of machinery or equipment and the purchase or improvements to real property owned or leased by the applicant.
GFP can also subsidize up to four percentage points of the interest rate being charged by the financial institution making the loan.
The subsidy is subject to an annual review.
Terms of repayment of the subsidy are negotiated directly with the borrower.
Contact InformationMeridian Management Group
Address: 826 E. Baltimore Street
City: Baltimore
State: Maryland
Website:
http://www.mmggroup.com/interior.cfm?page=gfp
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