Baltimore County Executive Kevin Kamentez announced today that five new banks have joined the Baltimore County Small Business Loan Partnership, generating a total loan fund of 12.35 million.
“These loans are critical to providing small businesses with capital to invest in people, equipment or buildings,” said Baltimore County Executive Kevin Kamenetz. “It is heartening to see that even in this time of tight resources 20 financial institutions are stepping up to support economic growth through the Baltimore County Small Business Loan Partnership.”
The Small Business Loan Partnership provides real estate, fixed-asset and working capital loans through a partnership between Baltimore County and the area’s leading financial institutions. The maximum loan amount offered is 40 percent of the project or $500,000, whichever expense is less. Applicants must obtain a loan commitment in an amount to at least 50 percent of the project cost from a bank participating in the Small Loan Partnership.
For more information on the financial institutions contribution to the partnership, view Baltimore County’s website.