Financing Options for Local Businesses

Looking to start up, expand your business, or purchase inventory? The Old Takoma Business Association has been working on financing options to support local businesses.

Option 1: OTBA Revolving Loan Fund (RLF)

Businesses can apply for loans directly from the OTBA through this fund that was made available through the State of Maryland. The purpose of this program is to enhance the historic Takoma commercial district and to connect local businesses with capital.

LOAN OVERVIEW
The following application has been updated for use during this COVID crisis. In addition, loan amounts are temporarily limited in order to support as many businesses as possible.
Loan term is 3 years at 5% interest.

Please complete this Personal Financial Statement HERE and attach below as requested in application.

OTBA Loan Application

Application for a loan from the Old Takoma Business Association.
  • Loan requests may be between $5,000-$10,000.
  • Please share what your immediate needs are. Business, personal, staff, etc.
  • What major expenses do you have coming due?
  • Max. file size: 650 MB.
  • Drop files here or
    Max. file size: 650 MB.
    • Drop files here or
      Max. file size: 650 MB.
      • Drop files here or
        Max. file size: 650 MB.
          Please attached bank statements from both business and personal accounts.
        • Drop files here or
          Accepted file types: doc, png, png, pdf, Max. file size: 650 MB.
            Please complete personal financial statement. Please see blank document in Loan Overview above.
          • Drop files here or
            Max. file size: 650 MB.
              Screenshot acceptable.

            Option 2: Takoma Notes

            Under this program, local businesses can apply for loans directly from the OTBA, which will be financed by residents interested in supporting those local businesses through the purchase of Takoma Notes. The purpose of this program is to enhance the historic Takoma commercial district and to connect local businesses with community members.

            OTBA Takoma Note Application: OTBA Loan Application 2016
            OTBA TPN Contact: Laura Barclay | [email protected]

            When this option is right for you: You would like to generate community support for your business, you need less than $50,000.