Five Things to Know about Small Business Loans

Baltimore County government and area banks still have $7.5 million of $12.3 million in loans available to small business owners.

That's what Stan Jacobs, the chief financial officer of Baltimore County Economic Development told a group of small business owners at a breakfast in Catonsville Friday morning.

The breakfast event was part of the Good for Business breakfast series sponsored by the .

Here's a recap of what you need to know if you're a business owner interested in taking advantage of the loan:

1. Small business owners can take advantage of the county's Small Business Resource Center for help with technical, financial and marketing questions.

2. The small business loan program was expanded in December with more banks committing additional funds. Out of the $12.3 million committed to small businesses, $7.5 million is still available.

3. The terms for the loan are as follows:

• Bank lender: 50 percent of the funds
• Small business owner: 10 percent down payment
• Baltimore County government: 40 percent of the funds up to $500,000

4. The interest rate for the small business loan is a 3.5 percent fixed rate for 10 years.

5. The county also has a different loan program available for projects that would be less than $100,000, which can go toward things like exterior building improvements.

In Catonsville, owners of restaurants such as , , and have taken advantage of the loan program, Jacobs said.

"If you have a project, we would love to hear about it," he said.