Financing Options for Local Businesses
Looking to start up, expand your business, or purchase inventory? The Old Takoma Business Association has been working on financing options to support local businesses.
Option 1: OTBA Revolving Loan Fund (RLF)
Businesses can apply for loans directly from the OTBA through this fund that was made available through the State of Maryland. The purpose of this program is to enhance the historic Takoma commercial district and to connect local businesses with capital.
OTBA RLF Application: OTBA Loan Application_2016
OTBA RLF Contact: Laura Barclay | firstname.lastname@example.org
Option 2: Takoma Notes
Under this program, local businesses can apply for loans directly from the OTBA, which will be financed by residents interested in supporting those local businesses through the purchase of Takoma Notes. The purpose of this program is to enhance the historic Takoma commercial district and to connect local businesses with community members.
OTBA Takoma Note Application: OTBA Loan Application 2016
OTBA TPN Contact: Laura Barclay | email@example.com
When this option is right for you: You would like to generate community support for your business, you need less than $50,000.
Option 3: Traditional Bank Loans
The OTBA has established a relationship with Colombo Bank. Highly focused within the communities it serves, Colombo is a perfect fit for Takoma businesses.
Colombo Loan Application: HERE
When this option is right for you: Your business has a solid track record and good credit.
Option 4: New Maryland Community Investing Law
In March 2014, the Maryland General Assembly passed groundbreaking legislation that will allow small businesses and micro-enterprises to raise debt capital from Maryland residents. The new law minimizes risk to investors by restricting each individual’s investment to $100 and permits small businesses to raise up to $100,000 in any given year. More info: HERE