PRIVATE / NON-PROFIT ORGANIZATIONS

Washington Area Community Investment Fund (WACIF):
Main Phone: (202) 529-5505 Fax: (202) 529-5525

3624 12th Street, NE. Washington, DC 20017
  
Hours of Operation: Mondays- Fridays 10am-5pm

Business Development and Job Creation Program 

WACIF, in partnership with the Economic Development and Training Institute (EDTI) has received a grant from the U.S. Department of Health and Human Services to expand the EDTI Biz Center to provide access to capital, to create micro-enterprise and self-employment opportunities and jobs in SBA HUB Zones and Enterprise Zones/ Empowerment Communities, and low-income communities in Prince George’s County and in Washington, DC. 

Under the program, which commenced in October 2004, WACIF and EDTI will:
•    Acquire space to expand services to 10 -12 businesses
•    Create a revolving loan fund (RLF) to provide capital to existing businesses that are undercapitalized and are seeking to sustain or expand their operations and to low-income people seeking start-up capital for small businesses or self-employment
•    Provide one-on-one technical assistance and training to help small businesses:
1.    Develop business plans
2.    Become eligible to apply for loans from the RLF and/or, if necessary, from traditional lending institutions

•    Provide one-on-one technical assistance and training to TANF recipients and low-income people to help them:
1.    Develop business marketing and merchandising
2.    Become eligible to apply for loans from the RLF for self-employment/business startup
3.    Develop a Small Business Toolkit for the technical assistance and training



PRINCE GEORGE'S COUNTY

Small Business Growth Fund
(301) 429-3044
http://www.pgcedc.com/ (see "Financial Services")
Provides loans for equipment purchase, working capital, inventory and leasehold improvements. Loan range: $25,000-$250,000. Startup funding considered on a
Case-by-case basis.
 
SBA 504
(301) 429-3044
http://www.pgcedc.com/ (see "Financial Services")
Provides long term, below market rate financing, covering a wide range of needs for growing businesses. Loans of up to $750,000 covering up to 40% of project cost.
 
SBA 7(a)
(301) 429-3044
http://www.sba.gov/ (see "Financial Services")
Loans for businesses that cannot obtain financing on reasonable terms through other channels. Covers a wide range of needs, including working capital. Loan range: $10,000-$1 million.
 
Prince George's County Revitalization Tax Credit
(301) 429-3044
http://www.pgcedc.com/ (see "Incentives")
Provides relief from the increased tax burden associated with property improvements.

Redevelopment Authority - Financial Assistance Programs (CBLF)

Commercial Building Loan Fund
The Commercial Building Loan Fund (CBLF) is a multi-faceted business building renovation, reuse, and construction program for which the Redevelopment authority of Prince George's County (RA) is using approximately $10 million in HUD-108 and $1 million in HUD-EDI funding. The CBLF adheres to all HUD guidelines.
Where possible, this program financing will be augmented with other federal, state, and county incentive programs, so as to enhance the feasibility of each project.


The Objectives of the Commercial Building Loan Program
1.    Increase employment and business opportunities for the County?s low and moderate-income residents and communities.
2.    Revitalize older, inner Beltway neighborhoods throughout the County.
3.    Increase the level and quality of goods and services available to residents of the County?s low and moderate-income neighborhoods.
4.    Stimulate and leverage private reinvestment in inner Beltway and low and moderate-income neighborhoods.
The following programs are components of the CBLF.
Shopping Center Rehabilitation Program
The Shopping Center Rehabilitation Program (SCRP) is designed to help owners of older shopping centers invest in the rehabilitation of the building, grounds and equpment that make up the center. The SCRP will provide up to 25% of the required funding, but no more than $2.5 million, matching the balance of the total financing required to renovate the center.

Business Building Re-Use Program
The Business Building Re-use Program (BBRP) is designed to help encourage the re-use of vacant or underutilized business buildings. For example, if market studies indicate that a vacant or underutilized strip center is no longer viable as a retail facility, the BBRP will provide up to 25%, but no more than $1.0 million of the financing necessary to convert the property into another viable business use.
New Building Loan Program
The New Building Loan Program (NBLP) is designed to help encourage new retail, commercial, and industrial development projects in inner-beltway communities, where a market study indicates the area can support the new facility. This program will provide up to 50%, but no more than $2.0 million of the financing necessary for the construction cost of a project.

http://www.goprincegeorgescounty.com/Government/AgencyIndex/Redevelopment/PDFs/CBLF_Brochure.pdf

http://www.goprincegeorgescounty.com/Government/AgencyIndex/Redevelopment/PDFs/CBLF_Application.pdf



STATE OF MARYLAND
 
Maryland Small Business Development Center
Capital Region Office
7100 Baltimore Ave., #402, College Park
(301) 403-0501
http://www.bsos.umd.edu/sbdc
Provides a wide variety of services, including classes and one-on-one counseling. Many services are free.
 
Neighborhood Business Development Program
(410) 209-5800
http://www.dhcd.state.md.us/ (see "Revitalizing Communities")
Provides gap financing for new or expanding businesses for wide range of needs, including real estate acquisition and working capital. Loans of $25,000-$500,000 covering up to 50% of project cost.
 
Department of Business and Economic Development
(240) 777-2027
http://www.choosemaryland.org/ (see "Business Assistance")
This website provides clear and comprehensive information about DBED regulations and services, including regional business assistance centers. (Note: The Small Business Development Financing Authority provides a range of loans, bond guarantees and equity investments. Many are targeted at socially and economically disadvantaged business owners.)

Business Tax Credits
http://www.marylandtaxes.com/ (see "Business Taxes")
The State of Maryland offers several business tax credits. This website provides information on the credits as well as other programs that assist small business owners.
 
 
FEDERAL
 
SBA 504 and 7(a)—see Prince George's County

 
Microloans
http://www.sba.gov/financing (see "Loan Programs")
Loans of $500-$25,000. SBA authorizes over 100 microlenders nationwide to administer the SBA 7(m) MicroLoan program.



WOMEN'S BUSINESS ORGANIZATIONS
 
Women Business Owners of Prince George's County
(800) 926-6720
PO Box 736, College Park, MD  20740
 
Women's Business Center
http://www.womensbusinesscenter.org/