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.
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.
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.