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Daniel Kuennen, Director Rural Development Center Richard A. Henson Center Room 2147, UMES Princess Anne, MD 21853 410/651-6183 · 410/651-6207 fax E-mail: Daniel S. Kuennen
SOME LOAN RECIPIENTS
Ocean City Monogram, Ocean City, MD
Mid-Atlantic Foods, Pocomoke City, MD
Princess Anne Industrial Park, Princess Anne, MD
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Revolving Loan FundThe Revolving Loan Fund enhances the economic activity in Dorchester, Somerset, Wicomico and Worcester Counties. The RLF assists business development and expansion. Funds for the RLF have been provided by the Economic Development Administration (EDA), the U.S. Department of Commerce, and Maryland's Department of Business and Economic Development (DBED).
Our goal is to increase the number of manufacturing jobs in the four counties. RLF lending priority is given to manufacturing businesses that create permanent jobs.
The RDC has successfully prepared $6.5 million in grant applications for public infrastructure, facilities and public/private joint business ventures. Pending is $7.5 million in grant applications developed in cooperation with local counties and municipalities. The Rural Development Center was the first in the State of Maryland involved in Defense Conversion projects funded by the Economic Development Administration.
Features of the Loan Fund
Typical Loan Amount
Average $150,000 to $250,000 with a minimum of $25,000, maximum of $500,000
Maximum Loan Terms
20 years for real estate and fixed asset; 5-7 years for working capital
Interest Rate
Below market rates tied to prime interest rate
Collateral Required
Deeds of trust; machinery, equipment, and fixture liens; personal guarantees
Participation
Maximum Revolving Loan Fund participation is 50% of the total amount borrowed.