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Garrett County to Offer “Small Business Pandemic Interim Loan” Program

Last Updated on Apr 1, 2020 at 9:46am | Board of Commissioners
$200,000 Combined Funding Available from Garrett County Economic Development and Garrett County Development Corporation
A newly developed local small business loan program designed to assist Garrett County small businesses through the COVID-19 health crisis has been announced jointly by the Board of County Commissioners for Garrett County and the Garrett County Development Corporation. The goal of the program is to provide small businesses with loans for interim emergency funding to help pay legitimate business expenses such mortgage, rent, utilities, insurance, taxes, etc. in order to remain solvent, continue business operations, or eventually restart the business.
“In the face of multiple small business closures and uncertainty for the length of this public health crisis, we knew we had to pull together some emergency funding,” said Michael Hough, Director of the Garrett County  Economic Development Department. “I encourage any local businesses to take advantage of this opportunity or, at a minimum, contact our office to walk through the available options. We sincerely appreciate the partnership with the Garrett County Development Corporation in making this happen.”
To be eligible for the loan, of a maximum of $5,000, businesses must be native to and located in Garrett County. Eligible applicants are small businesses and service-based businesses that have a minimum of 2, but no more than 10 employees and restaurants of any size.
The loan is available for one year, unsecured, and guaranteed by the principals. The payment terms will be four months of deferred monthly payments followed by interest-only payments until maturity.
“The Garrett County Economic Development Corporation is pleased to partner with the County in creating the Garrett County Small Business Pandemic Interim Loan Program, as our Board strongly believes small local businesses are crucial to the economic vitality of Garrett County. In this time of uncertainty, this loan program offers assistance to those small local businesses that qualify under the loan terms,” said M. Elizabeth Georg, Chair Garrett County Development Corporation.
To apply, a business owner must provide the following:
  • Have applied, or will be applying, for available Federal and State funding programs
  • Show a plan to remain a solvent, viable business
  • A completed loan application
  • A personal financial statement of the principals/guarantors
  • A fiscal year-end financial statement on the borrowers
The Program will be administered under the direction of the Garrett County Economic Development Department; a principal department of County government. For more information, please contact Kim Durst at Garrett County Economic Development at [email protected] or 301-334-1992.