Revised Financing Options as of 4/5/09

1. Local Bank:
My first source of financing for my daycare center was my local bank, Tower Federal Credit Union. My bank offers an “EZ loan.” Using this type of loan you can request up to $20,000. According to TFCU. Org, “A personal line of credit, EZLine lets you borrow money for any purpose. With low, variable rates, credit limits range from $1,000 to $20,000. Interest is only charged on the funds you use and as you repay the principal, that money becomes available to you again.”
I viewed the application for the EZ loan and learned that it was a few pages in length and made up of simple to answer questions, like date of birth, insurance questions, etc. Also, I found the contact information of the Columbia Bank Manager; the Columbia branch is one of the main locations in Maryland.
Columbia Location:
Andrew Fitzgerald
Branch Manager
Mailing Address
Snowden Square
9021 Snowden Square Drive
Columbia, MD 21046
Phone 301-497-700
Fax 410-872-04670

2. Small Business Administration:
My second source of financing will come from the SBA. The SBA offers a type of loan called a Micro-Loan. The Microloan Program provides very small loans to start-up, newly established, or growing small business concerns. With this loan, you can barrow a maximum of $35,000. The applications for the Micro-loans are submitted to the intermediary lender and all credit decisions are made on the local level. The intermediary lender closest to my desired location is:


Maryland Capital Enterprises, Inc.

P.O. Box 1844
Salisbury, MD 21802
Executive Director: Hayley Gallagher
Microlending:
Phone: 410-546-1900
Fax: 410-546-9718
Phone:
Email:hgallagher@marylandcapital.org