The Working Capital Loan Fund provides loans to early stage technology-oriented companies located in the state of Maryland. Loans of between $15,000 and $50,000 are available to be used for working capital in order to assist a company with expansion, market entry, or other initiatives.
Terms and Fees:
Rates are at or below market rate.
A nonrefundable application fee of $150 is due at the time of application submittal.
Loan term is normally 3 to 5 years with a minimum term of 6 months.
Personal guarantees by all principals in the company satisfactory to TEDCO as well as liens on company assets are required.
Companies are required to submit a letter of support from a local economic development official, an SBDC representative, an incubator manager, or a professional consultant.
An administrative fee of .5% is required at the time of closing.
Application Process:
Applications may submitted on-line at www.tedcofunds.org. Completed applications received on the first of the month will be reviewed within 30 days.
Funds for this program have been provided by the Maryland Technology Development Corporation.
