Ulman, HCEDA Announce Stimulus Loan Programs for Local Businesses

Howard County Executive Ken Ulman joined the Howard County Economic Development Authority (HCEDA) at a recent forum for local bankers, financial planners, businesses consultants and other interested parties to introduce financial tools currently available to support local business growth.
"While we are optimistic that the national economy seems to be on the right track, many Howard County businesses are still having trouble weathering this economic storm," said Ulman. "We hope today's forum will spotlight some of the financial tools we have in place to provide them with much needed relief."
The following stimulus and revitalization loan programs were discussed.
- The Catalyst Loan Program assists in the creation and growth of successful small businesses located within the county. The HCEDA's Incentives Committee is responsible for approving the applications for the program.
- The U.S. Route 1 Revitalization Loan Program was established to encourage businesses located along U.S. Route 1 to improve their building and site conditions. Seven banks are involved: BB&T, Howard Bank, M&T Bank, OBA Bank, PNC Bank, Susquehanna Bank and The Columbia Bank.
- Recovery Zone Facility Bonds were created through the federal government's American Recovery and Reinvestment Act and focus on incentives for projects in areas experiencing economic and financial distress. This program allows private entities to borrow using Recovery Zone Facility Bonds (tax exempt debt) to finance private activities.
- The Industrial Revenue Program expansion allows for the commercial and industrial business tax credit to extend to retail stores, restaurants, hotels, motels and recreational facilities through Howard County Council Bill No. 54-2009, signed into law last Nov. 3.
- The Maryland Capital Access Program (MCAP) is part of the revitalization initiative to support the growth and success of small businesses in the Priority Funding Areas throughout the state. MCAP is a credit enhancement program that enables private lenders to establish a loan loss reserve fund from fees paid by lenders, borrowers.