Special Assistance for Local Entrepreneurship

The Economic Development Loan Fund (EDIF) is available to established businesses in Prince George's County. The EDI Fund is the focused effort to broaden the tax base and diversify employment opportunities for county residents.

Finance Your Business Today

No matter what business you’re in, FSC First wants to be in business with you.

Special Assistance for Local Entrepreneurship ProgramPrint This Page

The Special Assistance for Local Entrepreneurship (SALE) Program is a component of the Economic Development Incentive Fund (EDIF) 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.

Council Bill 78-2013 established the Special Assistance for Entrepreneurship Program, subject to funding availability, to insure financial assistance is available to expand entrepreneurship opportunities for County residents who own businesses based in the County.

The Economic Development Incentive Fund (EDIF) is administered by FSC First and the Prince George’s County Economic Development Corporation.

Eligibility:

  • The applicant business must be domicile and have its principal place of operation in Prince George’s County at the time of the Fund award and for the duration of any loan or conditional loan supported or funded (in whole or in part) by the Fund award.
  • The business is fifty-one percent (51%) or more owned by one or more County residents, for the most recent full calendar year, as verified by federal or State tax return, and must remain so for the duration of the SALE award.
  • The applicant business does not include one of the following uses: adult entertainment, gun shop, liquor store, laundromat, massage parlor, pawn shop, beauty supply store, nail salon (except as accessary or ancillary to a spa), car wash, dance hall, banquet hall (except as accessary or ancillary to a hotel or convention center), or tattoo parlor.

How to Apply:
The applicant business must supply the information necessary to evaluate the requested financial assistance, including:

1. Specific funding need
2. Financial ability of the applicant
3. Sources of repayment
4. Proposed project costs and expenditures for which assistance is sought
5. Fair market value of the completed project
6. Normal or useful life of equipment or buildings
7. Security (collateral) for the transaction
8. Contribution to the County economy
9. Proof of legal residency
10. Any other information that may be appropriate or useful in evaluating the application

Additional Instructions:
Initial contact should be made to the Prince George’s County Economic Development Corporation at (301) 883-4650 or click here.

Benefits:Print This Page

  • To stimulate small business development and local business ownership by County residents
  • To provide county residents who own businesses based in the County with access to flexible financing for small business start-up and expansion, in a geographically equitable manner, throughout the County.
  • To maximize the award of SALE funds to local minority business enterprises (“LMBEs”) to the extent possible.

 

If you are ready to apply for the Economic Development Incentive Fund now, please call us or click here to begin the application process.

301.883.6900