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Kamenetz Announces Pledges of $13.9 Million for Small Business Loan Fund

Towson, Maryland (September 30, 2013) – Baltimore County Executive Kevin Kamenetz today announced that five additional banks have joined the Baltimore County Small Business Loan Fund, bringing total commitments to $13.9 million from 24 financial institutions. The fund also is doubling the amount a business can borrow from the fund. Qualified small businesses can now borrow up to $1 million dollars from the privately-financed loan fund.

Five New Banks Join

Baltimore County Savings Bank, BlueRidge Bank, Hamilton Bank, Howard Bank and Harbor Bank of Maryland are the latest banks to join the public-private partnership between the Baltimore County Department of Economic Development and 24 of the region's leading financial institutions.

Stimulates Investment and Job Creation

 "These loans are critical to providing small businesses with capital to invest in people, equipment or buildings," said Kamenetz. "It is heartening to see that even in this time of tight resources, 24 financial institutions are stepping up to support economic growth through the Baltimore County Small Business Loan Fund. The fund's lower equity requirement, lower interest rates and lower fees are an added incentive for small businesses to explore this loan option."

The Baltimore County Small Business Loan Fund helps stimulate investment and job creation. Qualifying businesses with fewer than 100 employees can obtain fixed rate loans that only require 10 percent equity, freeing capital for additional investment.

Baltimore County reviews each applicant's financial statements, credit history and collateral to secure the requested loan. All applicants are then reviewed by an independent loan review board established by the participating lenders.

Participating Lenders

The following lenders are participating in the Baltimore County Small Business Loan Fund:

  • Baltimore County Savings Bank
  • Bank of America             
  • Bay Bank, FSB                               
  • BB&T                                                     
  • BlueRidge Bank
  • CFG Community Bank
  • Chesapeake Bank  
  • Columbia Bank
  • Farmers & Merchants
  • First Mariner Bank
  • Hamilton Bank
  • Howard Bank
  • M&T Bank
  • Northwest Bank
  • Patapsco Bank
  • Peoples Bank
  • PNC Bank
  • Rosedale Federal
  • Sandy Spring Bank
  • SunTrust Bank
  • Susquehanna Bank
  • TD Bank
  • The Harbor Bank
  • Wells Fargo Bank

Businesses interested in more information should call the Baltimore County Department of Economic Development at 410-887-8000.