The Prince George’s County COVID19 Business Relief Fund is a $15M fund established to provide financial assistance to businesses affected by the COVID-19 crisis. The Relief Fund can be used to support cash operating expenses including payroll, suppliers, rent, fixed debt payments and other business critical cash operating costs.
Eligibility:
-
County-based small businesses, with a principal business office or location physically located in Prince George’s County;
-
Businesses meet U.S. Small Business Administration definition of a small business
-
New business ventures are not eligible
-
For-profit business entity
Loan Terms:
-
Retain County jobs with a goal of hiring County residents for future vacancies.
-
Maintain operations in the County for the term of the loan.
-
Provide evidence that application for assistance has been submitted to the EIDL program and Maryland’s Small Business COVID-19 Relief Fund.
-
Must have Personal & Corporate Guaranty
-
Collateral needed: UCC lien filing on business assets
-
Limit to $100,000; Rate 3.75%
Grants of up to $5,000 for businesses with less than 10FTEs, and $10,000 for those with more
*Application Available April 13th – May 15th*
For more information: https://www.pgcedc.com/covid-business-fund-2020