Small, Minority, Veteran and Women-Owned Business Loan …

[Pages:2]Small, Minority, Veteran and Women-Owned Business Loan Program

LOANS TO SMALL BUSINESSES $25,000 - $500,000

? Priced at below current market interest rates (5% - 8%) ? Eligible purposes: business acquisition, commercial real estate acquisition, building improvements,

equipment purchase, leasehold improvements, business start-up costs, and working capital ? Eligible entities include start-ups and existing businesses ? Use of standard underwriting practices; factors to be considered include repayment capacity, financial

strength of the company and guarantors, industry and management experience, and collateral protection

LOAN REQUIREMENTS ? Personal credit (640 or above) ? Historical Debt Service Coverage Ratio (DSCR) of 1.00x or projections with assumptions showing 1.00x DSCR ? Collateral required when available ? All owners over 20% must personally guaranty the loan ? Life insurance on owner/guarantor where no valid succession plan is in place ? Minimum equity injection of 10% for start-up businesses

LOAN PROCESS ? Loan applications are available at ? Loan processing time of 30 - 90 days ? Personal tax returns, personal financial statement, business tax returns and business financial statements required for underwriting ? Business plan with financial projections required for start-ups ? Settlement facilitated with the assistance of outside attorneys ? Post-closing: Servicing, loan monitoring, billing, and collections administered by AAEDC financial services staff

A loan program managed by the Anne Arundel Economic Development Corporation for the Maryland Department of Commerce 2660 Riva Road, Suite 200, Annapolis, MD 21401 ? t (410) 222 7410 ? f (410) 222 7415 ?

BUSINESS LOAN PROGRAM TARGET AREAS

Half of the fund's investment will be targeted to small, minority and women owned businesses located within a ten mile radius of Maryland's six existing casinos, Maryland Live in Anne Arundel County, Hollywood Park in Cecil County, Ocean Downs in Worecester County, Rockey Gap Casino in Allegany County, Horshoe Casino in Baltimore City, and National Harbor in Prince George's County.

THE VOLT PARTNER

ANNE ARUNDEL

ECONOMIC DEVELOPMENT CORPORATION

Stephen Primosch

Vice President, Financial Services Anne Arundel Economic Development Corporation

(410) 222-7410 sprimosch@

Maryland Live

Perryville

Ocean City

Target Program Area

Target Program Area

Target Program Area

Carroll

Baltimore

21244 21207

Baltimore City

21216

21029

21042

Howard

21043

21044

21045

21229 21223

21228 21250

21230

21227

21226

21075

21090

21225

21226

20759

21240

Ma21r04y6lan20d79L4 ive!2107621077

20723

20763

20701

21144

21061

20866

Montgomery 20707

20724 20755

21108

Anne Arundel

20705

20708

21113

21032

Prince George's

21114

21060 21122

21146

20715

Miles

012

4

6

8 20720

21054

21154

21918 21034

21917

21911

21904

Cecil

21901

21921

Hollywood Casino Perryville 21078

21028

Harford

21903

21015

21001

21914

21005

Miles

0 0.75 1.5

3

4.5

6

21872

21813

21874

Wicomico Casino at Ocean Downs Ocean City

21842

21842

Worchester 21811

21841

00152

Miles

0 0.75 1.5

3

4.5

6

? ?

? ? ?

National Harbor

Horseshoe Casino

Rocky Gap Casino

Target Program Area

Target Program Area

Target Program Area

?

20712

20784

2072220781

20785

MGM

20745

National Harbor Casino

20743

20747

20746 20748

20762

20772

20744

20735

20616

20607

Miles

0 0.75 1.5

3

4.5

6

Prince G20e61o3 rge's

Charles

20603

20601

21093

Baltimore

21208

21204 21252

21286

21234

21236

21133

21209

21212 21210

21239

21244

21214

21215

Baltimore City 21251

21206

21207

21211

21218

21216

21217

21213 21205

2120121202

21229

21223

21231

21224

Ho21r2s28eshoe Casino 21230

21237 21222

21220 21221

21043

21250

21227

21226

Howard 21075

21090

21225

Anne Arundel

21240

21076

Maryland Live! 20794

21077

21061

21226 21060

21219

21144

Miles

0 0.75 1.5

3

4.5

6

21122

Pennsylvania 21545

Rockey Gap Casino

21502

21530

Alleghany

21555

Miles

0 0.75 1.5

3

4.5

6

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