Loan Program
The Economic Development Opportunity Fund
This loan program to Learn more about what federal, state, or county legislative district I am in and the name of my legislators to open the Tourism Award Process Powerpoint to Learn more about what federal, state, or county legislative district I am in and the name of my legislators to open the Tourism Award Process Powerpoint provides funding to small businesses in Harford County to support their overall growth through capital investment, job creation and retention. These loans:
- Provide funding up to $200,000 through flexible terms
- Are eligible for, but are not limited to, building and land purchases, renovations, technology upgrades or equipment purchases
- Can be used in conjunction with other lending institutions through gap financing and partnership
- Require collateral exceptions may be made for loans less than $10,000
Questions? Please review the Frequently Asked Questions below. For additional inquiries, contact Raj Goel, deputy director, to Learn more about what federal, state, or county legislative district I am in and the name of my legislators to open the Tourism Award Process Powerpoint to Learn more about what federal, state, or county legislative district I am in and the name of my legislators to open the Tourism Award Process Powerpoint at 410-638-3059.
Frequently Asked Questions
Q: Which businesses can apply?
A: Small businesses (as defined by the US Small Business Administration) located in Harford County that have been operating for at least one year and are in good standing with Harford County and the State of Maryland.
Q: How much can I borrow and what are the terms?
A: Loans can be up to $200,000 with flexible terms depending on each unique project and business.
Q: How do I find out more information on the eligibility and requirements for the loan?
A: Applicants should click on the application button above and read through each tab on the information page.
Q: How do I apply?
A: Applicants should click the application button above, which will redirect you to the Harford County EDOF Loan information page. After reviewing all tabs, click apply to access the eCivis portal. Then, create a profile and log in to begin the application.
Q: What documents do I need to provide?
A: The following documentation is required:
- Business Plan
- Two years of Cash Flow Projections.
- Two years of Business Tax Returns.
- Two years of Financial Statements, including Balance Sheets and Income Statements.
- Schedule of Business Debts, including rates and terms.
- Two years of Income Tax Returns for all owners of the business (having an interest greater than 5% of the business) and any individuals and corporate entities personally guaranteeing the loan.
- Personal Financial Statement (dated within the last 3 months) for all owners of the business (having an interest greater than 5% of the business) and any individuals and corporate entities personally guaranteeing the loan.
- Description of all available collateral along with the value of any current liens held against the collateral.
- Resolution by the business borrower or guarantor authorizing the business to enter into the loan and/or guaranty.
Q: Will my loan need to be presented to the Harford County Council?
A: According to county statute, any loan over $75,000 must be approved by the Harford County Council.
Q: When will I hear whether I am approved or not?
A: The Harford County Economic Development Advisory Board Loan Committee meets monthly to review all loan applications. All applications are processed and reviewed as quickly as possible following receipt of the completed online application and required documentation. If the loan is over $75,000, the loan will also need to be approved through the Harford County Council.
Q: How long after approval will the settlement be?
A: Settlement occurs within 90 days. If there is a delay, the applicant will be notified as soon as possible.
Q: How can I use the loan proceeds?
A: Purposes of the loan include projects in Harford County such as building or land purchase, expansion, technology upgrades or equipment purchase.
Q: Am I guaranteed to receive a loan if I submit all documents and information on time?
A: No. All applications are subject to approval by the Harford County Economic Development Advisory Board Loan Committee and at the discretion of the Harford County Executive. In addition, loans over $75,000 are subject to Harford County Council approval.