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Finance
Programs
MEDAAF
MEDAAF Programs - Maryland Economic
Development Assistance Authority Fund
Significant Strategic Economic Development
|
Level |
State |
|
Eligibility |
Business, MEDCO, Not for
profit |
|
Project
Range |
< $10m |
|
Max Participation |
Up to 70% of project costs |
|
Uses of
Funds |
Land/Building
acquisition, Equipment, Working capital, Infrastructure, Leaseholds |
|
Interest Rates |
Fixed |
|
Terms of
Loans |
Varies |
|
Forms of Financing |
Loans to eligible applicants |
Local Economic Development Opportunity
|
Level |
State |
|
Eligibility |
Business, MEDCO, Not for
profit |
|
Project
Range |
Up to
$5m |
|
Max Participation |
$5m; conditional loans/grants
up to $2m |
|
Uses of
Funds |
Land/Building
acquisition, Equipment, Infrastructure, Leaseholds |
|
Interest Rates |
Fixed |
|
Terms of
Loans |
Varies |
|
Forms of Financing |
Requires 10% participation
from local jurisdiction of loan amount |
Direct to Jurisdiction or MEDCO
|
Level |
State |
|
Eligibility |
Political jurisdiction, MEDCO |
|
Project
Range |
< $3m |
|
Max Participation |
$3m + local contribution |
|
Uses of
Funds |
Land/Building
acquisition, Equipment, Infrastructure, Leaseholds |
|
Interest Rates |
Fixed |
|
Terms of
Loans |
Varies |
|
Forms of Financing |
Direct to business with
resolution/participation from political jurisdiction |
Top
MEAF
Maryland Economic Adjustment Fund
|
Level |
State |
|
Eligibility |
Industrial or Commercial
business |
|
Project
Range |
$25k -
$250k |
|
Max Participation |
$10k loan per job, $1:$1
other funds |
|
Uses of
Funds |
Fixed
assets, Working capital |
|
Interest Rates |
Fixed by committee |
|
Terms of
Loans |
Up to 20
years |
|
Forms of Financing |
Direct loan to business |
Top
MIDFA
MIDFA Programs - Maryland Industrial
Development Financing Authority
Conventional
|
Level |
State |
|
Eligibility |
Industrial or Commercial
business with exception of retail |
|
Project
Range |
$35k - $5m |
|
Max Participation |
Variable insurance up to 80%,
not to exceed $2.5m |
|
Uses of
Funds |
Fixed
assets, Working capital, Government contracts, Leaseholds |
|
Interest Rates |
Conventional |
|
Terms of
Loans |
Up to 20
years |
|
Forms of Financing |
Insurance to lender |
Tax Exempt
|
Level |
State |
|
Eligibility |
Industrial or Commercial
business with the exception of retail |
|
Project
Range |
Up to $10m |
|
Max Participation |
Insurance of lesser of 100%
of bond or $5m, varies |
|
Uses of
Funds |
New
buildings, New machinery & equipment, 25% of working capital,
Leaseholds |
|
Interest Rates |
Tax exempt market determined
by bond purchaser or market |
|
Terms of
Loans |
Up to 30
years |
|
Forms of Financing |
Tax exempt revenue bonds
issued by jurisdiction or MIDFA |
Tax Bond
|
Level |
State |
|
Eligibility |
Industrial or Commercial
business with the exception of retail |
|
Project
Range |
$2m + |
|
Max Participation |
Insurance up to 100% of bond,
$5m limit |
|
Uses of
Funds |
Land,
Buildings, New machinery & equipment, 25% of working capital |
|
Interest Rates |
Conventional float/fixed |
|
Terms of
Loans |
Up to 30
years |
|
Forms of Financing |
Taxable rate bonds via by
jurisdiction or MIDFA |
Trade Finance
|
Level |
State |
|
Eligibility |
Industrial business engaged
in export/import |
|
Project
Range |
$50k - $5m |
|
Max Participation |
Insured up to lower of 90% of
obligation or $1m, 80% all others |
|
Uses of
Funds |
Pre/Post
working capital, Letters of credit, Revolving credit |
|
Interest Rates |
Conventional float/fixed |
|
Terms of
Loans |
Taxable or
exempt terms determined by lender |
|
Forms of Financing |
No direct loans, insurance
only |
Top
Challenge Fund
|
Level |
State |
|
Eligibility |
Technology driven companies
with < 25 employees & $1m in sales |
|
Project
Range |
$50k -
$100m |
|
Max Participation |
Determined by committee |
|
Uses of
Funds |
Fixed
assets, R&D, Working capital, Leaseholds |
|
Interest Rates |
Contingent royalty payment |
|
Terms of
Loans |
Varies |
|
Forms of Financing |
Investment agreement,
ownership interest not exceeding 25%; 1:1 co-investor match |
Top
Enterprise Fund
|
Level |
State |
|
Eligibility |
1st & 2nd
stage firms seeking $4 - $5m in equity; minimum 3:1 co-investor
match |
|
Project
Range |
$150k -
$500k |
|
Max Participation |
Determined by
committee |
|
Uses of
Funds |
Fixed
assets, R&D, Working capital, Product development |
|
Interest Rates |
Equity of Limited
partner |
|
Terms of
Loans |
Varies |
|
Forms of Financing |
Purchase of
stocks, warrants, etc. Ownership interest not exceeding 25% |
Top
MSBDFA
Maryland Small Business Development
Financing Authority
|
Level |
State |
|
Eligibility |
Business owned
70% or more by socially & economically disadvantaged persons |
|
Project
Range |
Up
to $500k |
|
Max Participation |
Direct loans to
$500k, loan guarantee to 90%, up to $500k |
|
Uses of
Funds |
Machinery,
Working capital, Needs associated with government or utility
contracts |
|
Interest Rates |
Guarantee prime
to prime + 2% |
|
Terms of
Loans |
Varies |
|
Forms of Financing |
Direct loans
& guarantees available |
Top
CDBG
Community Development Block Grant
|
Level |
Federal |
|
Eligibility |
Non-entitlement
jurisdictions |
|
Project
Range |
$200k
- $700k |
|
Max Participation |
Varies |
|
Uses of
Funds |
Fixed
assets, Building construction, Site preparation, Rehabilitation,
Infrastructure |
|
Interest Rates |
Fixed, usually
< prime |
|
Terms of
Loans |
Varies |
|
Forms of Financing |
Indirect loans to
business via political jurisdictions |
Top
USDA B&I Guarantee
U.S. Department of Agriculture, Business &
Industry
|
Level |
Federal |
|
Eligibility |
For profit
business unable to obtain credit covenant |
|
Project
Range |
Up
to $10m |
|
Max Participation |
80% up to $5m,
70% $5m - $10m |
|
Uses of
Funds |
Machinery,
Construction, Leasehold improvements, Business acquisition |
|
Interest Rates |
Determined by
lender |
|
Terms of
Loans |
Up
to 30 years, varies |
|
Forms of Financing |
Typical: 10%
existing business, 20% new business. Fee: 2% of guaranteed amount |
Top
USDA B&I Direct
U.S. Department of Agriculture, Business &
Industry
|
Level |
Federal |
|
Eligibility |
For profit
business unable to obtain credit covenant |
|
Project
Range |
Up
to $10m |
|
Max Participation |
Up to $10m |
|
Uses of
Funds |
Machinery,
Construction, Leasehold improvements, Business acquisition |
|
Interest Rates |
Determined by
Rural Business Cooperative |
|
Terms of
Loans |
Up
to 30 years, varies |
|
Forms of Financing |
Typical: 10%
existing business, 20% new business. |
Top
SBA 504
Small Business Administration
|
Level |
Federal |
|
Eligibility |
Business with
average profit of $2.5m, Net worth $7.5m |
|
Project
Range |
$150k
- $5m+ |
|
Max Participation |
< of 40% of
project or $1m; or $1.3m in certain cases |
|
Uses of
Funds |
Land,
Buildings, Machinery |
|
Interest Rates |
Blended rates |
|
Terms of
Loans |
Up
to 20 years |
|
Forms of Financing |
50% conventional,
40% SBA, 10% borrower equity |
Top
SBA 7A
Small Business Administration
|
Level |
Federal |
|
Eligibility |
Small business |
|
Project
Range |
$5k
- $1m |
|
Max Participation |
Up to $1m |
|
Uses of
Funds |
Land,
Buildings, Machinery, Working capital, Leaseholds |
|
Interest Rates |
Generally between
2.25% - 4.75% over prime |
|
Terms of
Loans |
Set
by bank |
|
Forms of Financing |
Guarantee up to
85% of loans < $150k, or 75% > $150k |
Top
IRP
Intermediary Relending Program
|
Level |
Federal |
|
Eligibility |
Small business |
|
Project
Range |
Up
to $150k |
|
Max Participation |
Up to 50% of
project cost |
|
Uses of
Funds |
Land,
Buildings, Machinery, Working capital |
|
Interest Rates |
Below market,
fixed |
|
Terms of
Loans |
Up
to 20 years |
|
Forms of Financing |
50% conventional,
50% IRP |
Top
Local RLF
Revolving Loan Fund
|
Level |
Local |
|
Eligibility |
Industrial or
Commercial business |
|
Project
Range |
$25k
- $500k |
|
Max Participation |
$10k loan per
job, $2:$1 other funds |
|
Uses of
Funds |
Fixed
assets, Working capital |
|
Interest Rates |
Fixed, as
determined by committee |
|
Terms of
Loans |
Up
to 20 years |
|
Forms of Financing |
Direct loan to
business |
Top
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