FSC FIRST PROGRAMS
FSC First provides access to financing to small and minority businesses through many 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.
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.
The Economic Development Incentive (EDI) Fund of Prince George’s County has dedicated $50 million 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, and promote development and redevelopment opportunities, transit oriented development and the growth of key industry sectors. The fund is administered by Prince George’s Financial Services Corporation (FSC First) and the Prince George’s County Economic Development Corporation (EDC). Projects should produce significant economic impact through measurable outcomes such as job creation and retention, increasing the commercial tax base, industry and commerce, and promoting local, minority and small business development. The project must demonstrate that this investment is leveraged with additional private and public dollars.
- Eligible Uses: Land and building acquisitions, building construction and improvement, equipment acquisition, and working capital
- Must create jobs and increase the commercial tax base – evaluation is conducted on a case by case basis by the EDC
- Collateral: Business and Personal Assets
- Personal Guarantees required
- Projects located in the County’s developed tier, transit-oriented development areas, Transforming Neighborhoods Initiative areas and other focus areas will be given special priority
- Prince George’s County ONLY
10 years maximum, amortization not to exceed 25 years
4% plus, depending on credit analysis