MD Department of Housing & Community Development - Neighborhood BusinessWorks Program
•Download as PPT, PDF•
2 likes•319 views
Presented by Michael Haloskey, Director, Business Lending Programs, Maryland Department of Housing & Community Development. Presented in an Ignite style format during the 2016 MEDA Annual Conference
Recommended
More Related Content
What's hot
What's hot (11)
Viewers also liked
Viewers also liked (10)
Similar to MD Department of Housing & Community Development - Neighborhood BusinessWorks Program
Similar to MD Department of Housing & Community Development - Neighborhood BusinessWorks Program (20)
More from Maryland Economic Development Association (MEDA)
More from Maryland Economic Development Association (MEDA) (20)
Recently uploaded
Recently uploaded (20)
MD Department of Housing & Community Development - Neighborhood BusinessWorks Program
- 1. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development Neighborhood BusinessWorks Financing to Make the Deal a Reality Secretary Kenneth C. Holt Maryland Department of Housing and Community Development May 3, 2016 MEDA Annual Conference 1
- 2. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development 2 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
- 3. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development NBW PURPOSE CONTRIBUTE 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 3
- 4. 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 4
- 5. 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
- 6. 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
- 7. 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
- 8. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development 8 Priority Funding Areas and Sustainable Communities in Maryland
- 9. 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
- 10. 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 10
- 11. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development NEIGHBORHOOD BUSINESSWORKS PROJECTS Arrow Bicycle, Hyattsville Joie De Vivre, Cambridge Big Bad Woof, Hyattsville Roscoe’s Neapolitan Pizzeria, Takoma Park 11
- 12. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development 2600 N. HOWARD STREET – BEFORE BALTIMORE CITY
- 13. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development 2600 N. HOWARD STREET – AFTER BALTIMORE CITY
- 14. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development 14 FAT DADDY’S OCEAN CITY, MD – WORCESTER COUNTY Demolition Construction in Progress
- 15. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development 15 HANDLEBAR CAFÉ BALTIMORE CITY Before After
- 16. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development MINIHANE’S (FORMER WASHINGTON HOTEL) ELKTON, MD – CECIL COUNTY BEFORE
- 17. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development MINIHANE’S IRISH PUB & RESTAURANT ELKTON, MD – CECIL COUNTY AFTER
- 18. 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
- 19. Secretary Kenneth C. Holt Maryland Department of Housing and Community Development THANK YOUTHANK YOU For More Information Contact: Michael Haloskey, Director Business Lending Phone: 301-429-7523 Email: michael.haloskey@maryland.gov Cheivelle Hill, Senior Loan Underwriter Phone: 301-429-7518 Email: cheivelle.hill@maryland.gov Colleen Cord-Malone, Program Coordinator Phone: 301-429-7517 Email: colleen.cord-malone@maryland.gov Aisha Taylor, Loan Underwriter Phone: 301-429-7721 Email: aisha.taylor@maryland.gov