Calvert County Challenge - Cash Catch Contest Announced

PRINCE FREDERICK, Md., -- May 1, 2001 -- The Calvert County Economic Development Authority announced today the first Calvert Economic Development Loan Fund (CEDLF) recipient. Hoggensteel, Inc., Owings, Md., received a working capital loan in the amount of $25,000 dollars.

The CEDLF is a revolving loan that provides an alternative-funding source for business expansion in Calvert County. The fund is designed to help fund new capital expansion projects, increase the commercial tax base and increase business and employment opportunities in Calvert County.

Hoggensteel, Inc., a manufacturing and design, metal machining job shop, primarily performs work for larger main contractors in the aerospace, biomedical, communications, and extrusion industries. The company was formed 18 months ago and has seen substantial growth.

Businesses may be eligible for the CEDLF if: primary sales/activities are manufacturing, wholesale trade and/or business services, the business is a legal entity qualified to do business in the State of Maryland and has a minimum two-year operating history with a completed business plan. Selected business startups may be eligible. Help in preparing a business plan is available. The maximum loan request is limited to $25,000; the minimum loan request is $2,500. Loans considered desirable are those that are used to purchase fixed assets, equipment, inventory and finance contracts as well as loans to expand business in Calvert County. The Fund may NOT be used for debt refinancing.

Click here for more information on the CEDLF or to download an application, or contact 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