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Small Business Loan Partnership
Bradford Bank, Farmers and Merchants Bank and K Bank, have joined the Baltimore County Small Business Loan Partnership, a consortium of 18 financial institutions providing low interest loans to small businesses in Baltimore County. With the addition of these three banks, the loan pool now totals $10.35 million, up from $6.1 million. The loan partnership, established in 1996 by the Baltimore County Department of Economic Development, is designed to foster the growth of small businesses in the County by providing a lower cost financing option for capital improvements and expansions. "The cost savings of lower financing rate gives small businesses the opportunity to keep more of their money and direct it into growing their business," said Stanley Jacobs CFO for the Baltimore County Department of Economic Development.
“As an independent bank headquartered in Baltimore County, we feel that it is imperative that we support the vitality, growth and prosperity of small businesses, said Jim Bosley, President at Farmers and Merchants Bank. “They are the economic backbone of our community and we are pleased to be a participant in the Small Business Loan Partnership”. Low interest loans of up to $500,000 per project are available up to 50 percent of the total project cost. Loans can be used to finance expenditures such as the purchase of new equipment or the acquisition and improvement of real estate. Loan proceeds come from the financial institutions, with Baltimore County serving as a partial loan guarantor.
“Small businesses bring energy to our Baltimore County economy. At Bradford Bank, we look forward to participating in the Small Business Loan Partnership as a way to help small companies meet their financial needs for growth and employment expansion,” said Dan Funderbunk, Vice President of Bradford Bank. “We are pleased to part of this effort to assist local small businesses, said Gary Thomas, Vice President of Commercial Lending for K Bank. “By participating, we are able to provide small businesses with financial support and to lay a foundation for establishing banking relationships to assist them in the future.”
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Financial Markets
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