This post was contributed by a community member. The views expressed here are the author's own.

Health & Fitness

Kamenetz Announces Pledges of $12.35 million in Private Lending to Expand Baltimore County Small Business Loan Partnership

Providing small businesses with the capital they need to invest in people, equipment or buildings.

Baltimore County Executive Kevin Kamenetz announced that five additional banks have joined the Baltimore County Small Business Loan Partnership, bringing total commitments to the loan fund to $12,350,000 from 20 financial institutions. CFG Community Bank, Sandy Spring Bank, Peoples Bank, Northwest Savings Bank and TD Bank have joined the public-private partnership between the Baltimore County Department of Economic Development and 20 of the region’s leading financial institutions.  The Fund provides real estate and equipment loans to companies currently located or planning to locate in Baltimore County.
 
"These loans are critical to providing small businesses with capital to invest in people, equipment or buildings," said Baltimore County Executive Kevin Kamenetz. "It is heartening to see that even in this time of tight resources 20 financial institutions are stepping up to support economic growth through the Baltimore County Small Business Loan Partnership."
 
The Partnership helps stimulate investment and job creation by working with small businesses to obtain fixed rate loans on favorable terms.  Loans from this fund only require 10% equity, freeing capital for additional investment.
 
Companies must employ fewer than 100 people at the time of application. The maximum loan amount is 40% of total project cost or $500,000, whichever is less.  All applicants are reviewed by an independent Loan Review Board established by the participating lenders.
 
The Baltimore County Department of Economic Development and Small Business Resource Center offer support throughout the loan approval process, from identifying qualifying investments to updating business plans. 
 
Lenders participating in the Baltimore County Small Business Loan Partnership:

 

1st Mariner Bank
Bank of America
Bay Bank
BB&T Bank
Carrollton Bank
CFG Community Bank
Chesapeake Bank of Maryland
The Columbia Bank
Farmers & Merchants Bank
M&T Bank
Northwest Savings Bank
The Patapsco Bank
Peoples Bank
PNC Bank
Rosedale Federal Savings & Loan
Sandy Spring Bank
SunTrust Bank
Susquehanna Bank
TD Bank
Wells Fargo Bank

Find out what's happening in Catonsvillewith free, real-time updates from Patch.


For more information, contact the Baltimore County Department of Economic Development, 410-887-8000.

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?