One Million In Loans Provided To Small Businesses

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One Million In Loan Provided To Small Businesses

Towson, Md. (January 14, 2008) Baltimore County’s Building Investment Loan Fund financed $1.114 million in building investment loans to 22 businesses within the County’s Commercial Revitalization Districts in 2007.

Loans range from $40,000 for exterior improvements for Hubbard’s School of Dance in Arbutus, to $60,000 for renovations at Ships Café in Catonsville, and $20,000 for new siding, windows and painting at Naiman & Associates, P.A., an accounting firm in Pikesville.

“The Building Investment Loan program assists businesses such as business service firms, local retailers and restaurants who are located in older communities by providing low interest loans for building improvements so they can invest more of their earnings into their core business,” states Stanley Jacobs, CFO for the Baltimore County Department of Economic Development. “The program also benefits the community by creating a more attractive area in which to live and work.”

Qualified businesses and property owners located in any of Baltimore County’s designated 13 commercial revitalization districts may apply for zero-or-low interest loans of up to $40,000 for exterior improvements and $20,000 for interior renovations. Eligible improvements include items such as window and facade replacement, painting, landscaping, signage, electrical and HVAC systems.

Businesses may also qualify for free professional design services through Baltimore County’s “Architect on Call” program as well as a property tax credit for larger projects.

Commercial Revitalization districts are located in Arbutus, Baltimore National Pike, Catonsville-Paradise, Dundalk, Essex, Liberty Road, Loch Raven, Overlea-Fullerton, Parkville, Pikesville, Reisterstown, Towson and Woodlawn.