Why Locate in Old Takoma?
Click here for a new fact sheet on the Old Takoma trade area that explains why Old Takoma is a great place for your business.
Financing Options for Local Businesses
Looking to start up, expand your business, or purchase inventory? The Old Takoma Business Association (OTBA) has been working on four new financing options to support local businesses. Check below to see which option may be right for you:
Option 1: 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 Park businesses.
Colombo Loan Application: HERE
Colombo Bank Contact: Larry Johnson, 240-223-1061, LarryJohnson@colombobank.com
When this option is right for you: Your business has a solid track record and good credit.
Option 2: Washington Area Community Investment Fund
The Washington Area Community Investment Fund (WACIF) provides loans and technical assistance to local small businesses that otherwise may have difficulty accessing financing for sustainability and growth. WACIF has launched a Neighborhood Investment Initiative that raises investment funds from identified neighborhoods and channels those funds directly back into small businesses serving those neighborhoods. The OTBA has signed an agreement with WACIF to extend its Neighborhood Investment Initiative to target businesses in and around Takoma Park in a priority lending area that includes Takoma Park, Long Branch, Takoma/Langley Crossroads, Takoma DC, and Fenton Village (Silver Spring).
To access capital through WACIF, please start by filling out the intake form available here: http://wacif.org/forms
WACIF Contact: Josh Hopkins, email@example.com
When this option is right for you: You have trouble getting a loan from a traditional bank due to length of time you have been in business, personal historic credit issues, amount requested, or incomplete bank loan package.
Option 3: Takoma Project Notes (TPN)
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 Project Notes. The purpose of this program is to enhance the historic Old Takoma commercial district and to connect local businesses with community members.
OTBA TPN Application: HERE
OTBA TPN Contact, Patty Baker: firstname.lastname@example.org
When this option is right for you: You’ve had trouble getting a loan from a traditional bank, you would like to generate community support for your business, you need less than $50,000.
Option 4: New Maryland Community Investing Law (available October 2014):
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.
The law will go into effect as of October 1, 2014. More information about how to raise money under the law will be available when regulations are released in the fall, and OTBA will provide more information at that time.
Revolving Loan Fund
OTBA has established a Revolving Loan fund for local businesses. The program is managed by the Economic Restructuring committee. Application materials are available here. Interested applicants should talk to the committee chair. Call the OTBA office: (301) 891-6789.
Financing Sheet HERE
Takoma Park is one of 15 communities eligible for a $20 million state program about energy conservation and green measures for commercial and residential properties. Information and applications available on-line: http://www.mdhousing.org/Website/Programs/BeSmart/
Facade Improvement Program
Main Street Takoma has a Facade Improvement Program, funded by the State of Maryland through a Neighborhood Business Works grant. The grant will reimburse up to 50 percent of an eligible project. Pre-approval required. Application.
In Maryland, the City of Takoma Park has a Facade Improvement Grant for the Main Street Takoma area. Contact City of Takoma Park: 301-891-7219. Application
Occassionally the DC Department of Small and Local Business Development has a Storefront Improvement Program for Ward 4 businesess. Contact Camille Nixon 202-741-0894.
Design Guidelines from the City of Takoma Park
The city guidelines are available at the city website: Design Guidelines.