FSC FIRST PROGRAMS
FSC First provides small and minority businesses access to financing through 11 distinct loan products. The loans are a product of public-private partnerships between a consortium of participating banks, Prince George’s County, the State of Maryland and FSC First.
SBA 504 COMMERCIAL REAL ESTATE LOAN
This loan is ideal for more established business owners who desire to purchase owner-occupied commercial real estate. Interests in commercial real estate may include accommodations, warehouses, retail centers, office buildings, and venues for use by public and private entities. Loans are guaranteed by the U.S. Small Business Administration (SBA).
- Loans: Up to $5.5 million for healthy expanding businesses
- Loan Term: 25 years for real estate, 10 years for machinery and equipment
- Interest Rate: Fixed, below market financing
SMALL BUSINESS GROWTH FUND (SBGF)
The Small Business Growth Fund (SBGF) is a public-private revolving loan fund targeted towards smaller, established businesses (at least 3 – 5 years of operating history). This may be used towards smaller real estate acquisitions, leasehold improvements, equipment purchases, working capital expenditures, and inventory and human capital increases for the purpose of expanding established businesses.
- Loans: $25,000 – $250,000 ($100,000 maximum for start-ups)
- Loan Term: Up to 10 years
- Interest Rate: Wall Street Journal Prime Rate plus up to 6%
GREEN ENERGY LOAN PROGRAM
The Program was created to advance public and private investment in clean energy and other innovative green technologies in Prince George’s County. This fund is sponsored by the Office of Central Services, Sustainable Energy Division via Pepco/Exelon merger to support an emerging industry in the County with loans up to $250,000 for commercial building energy efficiency improvements, energy conservation & renewable energy measures.
- Loans: Loan, guarantees or loan loss reserve up to $250,000
- Loan Term: Not to exceed 20 years
- Interest Rate: Dependent upon underwriting, typically not exceeding 6%
CITY OF BOWIE LOAN FUND
FSC First is the designated Fund Manager for the City of Bowie Revolving Loan Fund which provides businesses with assistance for costs associated with leasehold improvements, equipment purchases, working capital expenditures, and human capital increases for the purpose of expanding their already-established business.
- Loans: Up to $50,000
- Loan Term: 2 to 10 year maximum term
- Interest Rate: Wall Street Journal Prime Rate plus up to 6%
ECONOMIC DEVELOPMENT INCENTIVE (EDI) FUND
FSC First is the designated Fund Manager for the Prince George’s County EDI Fund. $50 million has been allocated to provide for the retention, expansion and attraction of businesses that will broaden the county’s commercial tax base, retain and attract jobs, support small and local enterprises, promote development and redevelopment opportunities, transit oriented development and the growth of key industry sectors.
- Loans: $250,000 minimum
- Loan Term: 10 years maximum, amortization not to exceed 25 years
- Interest Rate: 4% plus, depending on credit analysis
MICROENTERPRISE LOAN PROGRAM (MD DHCD)
FSC First is a designated Fund Manager for the Maryland Department of Housing & Community Development (MD DHCD). Eligibility includes leasehold improvements, equipment purchases, working capital expenditures, and human capital increases for the purpose of expanding an established business and feasible start-up.
- Loans: Ranging from $5,000 – $50,000
- Loan Term: 2 to 5 year maximum term
- Interest rate: Wall Street Journal Prime Rate plus up to 6%
VLT SMALL BUSINESS FLEX FUND
FSC First is the Intermediary lender for the Maryland Department of Commerce’s Video Lottery Terminal. This fund supports working capital needs, without requiring a government guarantee or the funding of loan loss reserves. The fund uses proceeds from video lottery terminals (slots) to assist small, minority, and women-owned businesses located in targeted areas surrounding six Maryland casinos: Maryland Live in Anne Arundel County, Hollywood Casino Perryville in Cecil County, Rocky Gap in Allegany County, Ocean Downs in Worcester County, Horseshoe Casino in Baltimore City and National Harbor in Prince George’s County.
- Loan Amounts: $25,000-$250,000
- Loan Term: Up to 10 years
- Interest Rate: Prime + 3% – 6%
COMMERCIAL PROPERTY ASSESSMENT FOR CLEAN ENERGY
FSC First is a designated Fund Manager for the Commercial Property Assessed Clean Energy (C-PACE) Program assists commercial property owners in accessing financing up to 20% of the appraised value to make qualifying energy efficiency and clean energy improvements to commercial properties with loans that are repaid through an annual surcharge on the owner’s property tax bill.
STRIVE FOR 35 LOAN FUND
FSC First is a designated Fund Manager for the Washington Gas Strive for 35 Loan Fund. This loan is geared towards diverse vendors who are interested in working in the natural gas industry and may have difficulty obtaining capital through traditional sources. The fund is provided to assist minority-owned, women-owned and service-disabled veterans interested in serving the natural gas industry via underground pipe and fitting, paving, engineering, hauling and removal, general construction, catering, staffing and employment agencies and other businesses whose services are needed by natural gas utilities.
- Loan Amount: $25,000 – $100,000
- Loan Term: Up to 5 years (depending upon fund availability )
- Interest: Up to 7%
MOUNT RAINIER MILLION DOLLAR INCENTIVE FUND
FSC First is a designated Fund Manager for the Mt. Rainier Million Dollar Incentive Fund which may be used for the purchase of real estate or expansion, machinery, equipment, furniture, fixtures, construction, leasehold improvements, inventory and working capital for business purposes.
- Loans: Up to $50,000
- Loan Term: Shall be tailored to suit the projected cash flow with the intent to minimize the terms to fewer than 5 – 7 years in most cases. Generally, loans will be fully amortized however, balloon payments may be set on a case-by-case basis.
- Interest Rate: Shall be determined by the application and all underwriting criteria.
EDI FUND CONTRACTORS ADVANTAGE PROGRAM (CAP)
FSC First is a designated Fund Manager for the EDI Fund Contractors Advantage Program (CAP) utilizes $1 million of EDI Funds to support County-based contractors seeking lines of credit to finance working capital, equipment, labor and materials.
- Loans: $250,000 maximum
- Loan Term: 10 years max; amortization not to exceed 25 years
- Interest Rate: to be determined by the underwriting bank
Healthcare Capital Fund
The Healthcare Capital Fund is funded in partnership with University of Maryland Medical Systems. FSC First administers the program. These loans are targeted toward healthcare providers and businesses, and may be used in a variety of ways to help expand an enterprise’s available range of services.
- Loan Size: $50,000 maximum
- Loan Term: Up to 7 years
- Interest Rate: Up to Prime plus 2%
TECHNICAL ASSISTANCE PROGRAMS
LEVEL UP PROGRAM
Level Up is a program designed to uplift small and minority-owned businesses in our local communities. A collaboration between FSC First and our partners – the Bowie Innovation Center, the Financial Empowerment Center at Prince George’s Community College, FSC First, the Maryland Black Chamber of Commerce, the City of Mount Rainier, Prince George’s County Economic Development Corporation and Seed Spot, this program intends to impact small businesses within Prince George’s, Charles, Calvert and Montgomery Counties. The program provides small businesses with access to capital, training and mentorship to elevate opportunity and accelerate post-pandemic recovery. By providing practical, affordable tools and recovery assistance, entrepreneurs can level up and achieve without limits.
