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