MD Department of Housing & Community Development - Neighborhood BusinessWorks Program
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Transcript of MD Department of Housing & Community Development - Neighborhood BusinessWorks Program
![Page 1: MD Department of Housing & Community Development - Neighborhood BusinessWorks Program](https://reader035.fdocuments.us/reader035/viewer/2022070511/58a070db1a28ab06528b6c37/html5/thumbnails/1.jpg)
Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
Neighborhood BusinessWorksFinancing to Make the Deal a
Reality
Secretary Kenneth C. Holt
Maryland Department of Housing
and Community Development
May 3, 2016MEDA Annual Conference
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
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NEIGHBORHOOD BUSINESSWORKS
• The state’s premiere small business loan program est. 1995
• Revitalization through Support of Small Business• Broad Range of Financing Tools • Strengthens commercial districts and town
centers
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
NBW PURPOSECONTRIBUTE TO THE RECOVERY & HEALTH OF LOCAL ECONOMIES• Revitalization tool• Commercial/retail to generate street level activity• Improve vacant/underutilized buildings• Job creation• Leverage of private capital• Support business growth and retention in
Maryland
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
NBW ELIGIBLE APPLICANTS
• Maryland-based small businesses as defined by U.S. Small Business Administration
• Nonprofit Organizations • Commercial Property Owners • Commercial Property Tenants• Developers • Retail, Manufacturers, Service, Mixed Use
Projects
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
NBW ELIGIBLE USES OF FUNDS
• Real estate acquisition• New construction or renovation• Leasehold improvements• Purchase of equipment & machinery• Purchase of inventory• Costs associated with business opening or
expansion• Working capital
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
NBW FINANCING HISTORICALLY
Provides “gap” financing to businesses in Sustainable Communities throughout the State
•Loans up to $500,000 •50% of the total project costs•Requires a primary lender•Annual lending volume - $5 million
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
WHERE ARE WE HEADED?
Passage of HB326 in 2016 Legislation – Bravo!
•Sustainable Communities & Priority Funding Areas
•Lending volume $50 million annually by 2019
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
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Priority Funding Areas and Sustainable Communities in Maryland
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
HOW DO WE GET THERE?
• Issue bonds to raise capital
• Financial Partnerships – i.e. Banks and CDFI’s
• Loan guaranty programs
• Leveraging experience, expertise and reputation of CDA
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
NBW RESULTS SINCE 1996
• Funded more than $89 million
• Participated in 600+ projects
• Created/sustained 12,000+ jobs across Maryland
• Leveraged $399 million in private investment
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
NEIGHBORHOOD BUSINESSWORKS PROJECTS
Arrow Bicycle, Hyattsville Joie De Vivre, Cambridge
Big Bad Woof, HyattsvilleRoscoe’s Neapolitan Pizzeria, Takoma Park
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
2600 N. HOWARD STREET – BEFOREBALTIMORE CITY
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
2600 N. HOWARD STREET – AFTERBALTIMORE CITY
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
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FAT DADDY’S OCEAN CITY, MD – WORCESTER COUNTY
Demolition Construction in Progress
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
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HANDLEBAR CAFÉBALTIMORE CITY
Before After
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
MINIHANE’S (FORMER WASHINGTON HOTEL)ELKTON, MD – CECIL COUNTY
BEFORE
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
MINIHANE’S IRISH PUB & RESTAURANT ELKTON, MD – CECIL COUNTY
AFTER
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
BENEFITS TO YOU
• Business attraction/retention
• Access to capital
• Job creation
• Community pride
• Partnership with DHCD
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Secretary Kenneth C. Holt
Maryland Department of Housing and Community Development
THANK YOUTHANK YOUFor More Information Contact:
Michael Haloskey, Director Business LendingPhone: 301-429-7523Email: [email protected]
Cheivelle Hill, Senior Loan UnderwriterPhone: 301-429-7518Email: [email protected]
Colleen Cord-Malone, Program CoordinatorPhone: 301-429-7517Email: [email protected]
Aisha Taylor, Loan UnderwriterPhone: 301-429-7721Email: [email protected]