Public/Private Partnership Forms First Economic Development Loan Fund in Southern Maryland

PRINCE FREDERICK, Md., -- March 11, 1997 -- The Board of County Commissioners and the Calvert County Economic Development Authority (EDA) announced today the commencement of operations of the Calvert County Economic Development Loan Fund (CEDLF). This Fund is available to help fund new capital expansion projects, increase the commercial tax base, and increase business and employment opportunities in Calvert County.

The CEDLF is a revolving type loan fund formed as a true public/private partnership between the EDA and several local banks who recognized the need to provide an alternative funding source for businesses in Calvert County or businesses seeking to locate in Calvert County.

The Board of County Commissioners' original commitment of $100,000 toward the Fund has been leveraged to $800,000 with the addition of pledges from the participating banks. The maximum direct loan from the fund is $50,000 and will typically be used in conjunction with other conventional loans to help make a particular economic development project feasible.

Calvert Bank & Trust, Co., Maryland Bank & Trust Co., Maryland Federal Savings & Loan Association and Tri-County Federal Savings Bank have joined the EDA as Charter members of the CEDLF.

Other Banks are expected to join the Fund in the future, expanding the pool of available funds. Businesses interested in learning more about a loan through the Loan Fund should contact one of the member banks or the EDA.

"The Loan Fund is a remarkable demonstration of the commitment of our local banks to our community," said Hagner Mister, President of the Board of County Commissioners. "These banks took a $100,000 commitment from the County and increased it six times over for use by our business community. They are commended for a job well done."

"This Loan Fund is the first of its kind in Southern Maryland. We hope to provide resources available to small businesses who otherwise may not be able to find traditional financing," said Harry Zinn, Chairman, EDA. "The banking community was extremely supportive and we're anxious to move forward with this program".

"The Loan Fund is a clear indication of the Board of County Commissioners' and the local banking communities' commitment in assisting businesses to grow and prosper here in Calvert County", said Jeff Stone, Director of Economic Development.

The EDA is appointed by the Commissioners and is an independent, operational authority that undertakes and supports economic development activities County-wide. For more information please contact Jim Shepherd at the Calvert County Department of Economic Development, 410-535-4583 or 301-855-1880, e-mail cced@co.cal.md.us.

For more information on the Calvert County, Maryland Department of Economic Development, our visitor sites and attractions and the services available to assist County businesses, call 410.535.4583, 800.331.9771 or 301.855.1880; or send an e-mail to info@ecalvert.com