Small Business Assistance Programs Available to Riverdale Park Businesses
As part of the Town's economic development program, we are providing this list of
small business assistance programs. For more information please contact Town Hall at (301) 927-6381.
The following is a list of local, state and federal agencies that
oversee business assistance programs/resources available to Riverdale
Park business owners or individuals wanting to start a small business
within Riverdale Park. Resources available to businesses range from
assistance in helping start a small business to financing programs and
tax incentives. For complete lists of the programs each agency
provides, contact the agency/organization via the information provided.
If you have any questions, please contact Riverdale Park Deputy
Administrator Krista Baker-Hernandez at 301-927-6381.
Prince George's County
Prince George's County Economic Development Corporation
The Prince George's County Economic Development Corporation is a
private, non-profit company that provides a number of services and
programs to new and existing businesses to help maintain and create new
businesses within the county. Programs and services the EDC provides
include administering and connecting business owners to financing and
incentive programs.
The EDC has partnered with the County's library system to place
Business Information Centers (BICs) in various public libraries within
the County. One of these BICs is located in the Hyattsville Library.
The BICs provide information via business publications and computer
work-stations to small and minority business owners so that they may
start or grow their company.
The EDC also provides management and technical assistance services to
small and minority businesses through its Small Business Assistance
Center. The Small Business Assistance Center (SBAC) provides assistance
with marketing, business management, personnel administration and loan
packaging. The SBAC staff also connects small business owners to loans
such as The Small Business Growth Fund and the SBA 405 Loan. You may
contact the SBAC staff directly at 301-306-5682 or tmiles@pgcedc.com.
Redevelopment Authority of Prince George's County
The Redevelopment Authority of Prince George's County provides planning
for community development and redevelopment projects, implements and
facilitates neighborhood improvements, facilitates development and
redevelopment of real estate, and coordinates revitalization efforts
through Prince George's County. The Redevelopment Authority also
administers the Commercial Building Loan Fund which provides loans to
small businesses.
Prince George's Financial Services Corporation
The Prince George's Financial Services Corporation (FSC)
provides creative, flexible financing to small and minority-owned
businesses.
Prince George's County Memorial Library System
The library's online services include access to databases for businesses and other business-related resources.
Prince George's Chamber of Commerce
Maryland Department of Business & Economic Development
The Maryland Small Business Development Center Network (MSBDCN)
301-403-0501 (College Park)
The MSBDCN provides counseling and consulting services, as well as,
training programs to prospective and current business owners in
Maryland. Maryland maintains a network of Small Business Development
Center satellite offices across the state, with headquarters in College
Park.
Business Tax Credits and Incentives
The State of Maryland offers numerous tax credits and
incentives. This website summarizes tax credits that Maryland business
owners may be eligible for.
Dingman Center for Entrepreneurship at the University of Maryland
(See “Business & Research Centers” then “Dingman Center for Entrepreneurship”)
The Dingman Center offers a number of classes and programs that help businesses.
United States Small Business Administration (US SBA)
202-606-4000 (Washington Metropolitan Area District Office)
The U.S. Small Business Administration provides financial, technical
and management assistance to Americans who want to start a business.
The US SBA is the nation's largest backer of small businesses. Prince
George's County's businesses are served by the Washington Metropolitan
Area District SBA Office. The Prince George's Small Business Assistance
Center and the Prince George's Financial Services Corporation can help
connect individuals to many of the US SBA loan programs such as the SBA
504 Loan Program and the 7(A) Loan Guaranty Program.
The CDC 504 Loan Program provides growing businesses with
long-term, below-market, fixed-rate loans to purchase real estate,
build, expand, renovate or make leasehold improvements to buildings, or
purchase machinery and equipment. The program covers up to 40% of the
total cost of a project.
7(A) Loan Guaranty Program -
The 7(A) Loan Guaranty Program provides loans to small businesses
unable to secure financing on reasonable terms. The program operates
through private lenders but guarantees the loans.
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