Finance Your Business Today
No matter what business you’re in, FSC First wants to be in business with you.
The Economic Development Incentive Fund (EDIF) is available to established businesses through Prince George’s County in an effort to broaden the region’s tax base.
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 the development and redevelopment opportunities, transit oriented development and the growth of key industry sectors.
The Economic Development Incentive Fund (EDIF) is administered by FSC First and the Prince George’s Economic Development Corporation. 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 “but for” the County offering public incentives, the project would not proceed and that this investment is leveraged with additional private and public dollars.
- Loan Term: 10 years maximum, amortization not to exceed 25 years
- Interest rate: 4% plus pricing depending on credit analysis
- Minimum Loan amount $250,000
- 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 Economic Development Corporation
- Collateral: Business and Personal Assets
- Personal Guaranties 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
If you are ready to apply for the Economic Development Incentive Fund now, please call us or click here to begin the application process.