Frederick City and County Offer Small Business Loan Programs

Both Frederick County and the City of Frederick offer small business loan programs to assist with start-up capital costs and gap financing. Through the City of Frederick’s Microenterprise Loan Program, financing of $600-$10,000 is available to microenterprises (defined as a business with five or fewer employees, including the owners) for capital needs for start-ups and expanding businesses. The Frederick County Revolving Loan Program offers low-interest loans up to $50,000 for capital and gap financing needs.

The City’s Microenterprise Loan Program, established in the fall of 2004, represents a partnership between Economic and Community Development. Administered by the Department of Economic Development, the program uses CDBG funding to provide small capital loans to low-to-moderate income entrepreneurs (based on criteria established by HUD) operating in the City of Frederick.

Frederick County’s Small Business Loan Program, a partnership between the County Office of Economic Development and the Small Business Development Center, is available for capital costs and gap financing of $2,500 to $50,000 for those who qualify. There is no income requirement on the program and is available to small businesses operating in Frederick County.

“These programs are powerful examples of the many ways Frederick seeks to foster entrepreneurship here in the community,’ says Susan Jessee, business development specialist with the City of Frederick Department of Economic Development.

“These loan programs, when combined with the efforts of the Frederick Innovative Technology Center, Frederick’s first high-tech business incubator, and the many other business resources available in Frederick County, provide an attractive package for any small company located in Frederick,” says Laurie Boyer with the Frederick County Office of Economic Development.

For more information on these programs, visit www.cityoffrederick.com/ded or www.discoverfrederickmd.com.