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 with a signed lease in the commercial district 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 Takoma commercial district and to connect local businesses with capital. The maximum loan is $50,000 and funds are based on availability. The typical loan size is $10,000-$30,000 and we have seen businesses use it for final pre-opening expenses or business expansion expenses.

Personal Financial Statement for application HERE or you may use another bank version or spreadsheet that you have already completed.

OTBA Loan Application

Application for a loan from the Old Takoma Business Association.

  • Please share what your immediate needs are. Business, personal, staff, etc.
  • What major expenses do you have coming due?
  • Max. file size: 500 MB.
  • Drop files here or
    Max. file size: 500 MB.
    • Drop files here or
      Max. file size: 500 MB.
        N/A if a start up business.
      • Drop files here or
        Max. file size: 500 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: 500 MB.
            Please complete personal financial statement. Please see blank document in Loan Overview above.

          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
          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.