Small or start-up businesses located in
Howard County, Maryland are invited to
apply for loans through j-ref in amounts
up to $250,00 in order to meet expansion,
start-up, or real-estate costs. The maximum
loan term is seven years. The program is
open to businesses that require companion
financing or are unable to receive financing
from traditional sources.


Click here for j-ref Application Eligibility (PDF)
Click here for j-ref Personal Financial Statement (PDF)

Businesses eligible for j-ref assistance must meet the following basic
criteria before being considered:

The business must be located in Howard County.
The business must be a for-profit venture.
The business must be a full-time endeavor.

Requirements:

In addition to eligibility, businesses are required to submit and maintain the following required j-ref materials:

Borrowers must submit a written business plan and a completed j-ref application.
Borrowers must have all necessary permits and licenses to conduct a legal business.
Applicants must sign the j-ref Release and Indemnification Form.
All applicants must maintain adequate financial statements and supply j-ref with quarterly financial reports.
Personal guarantees of all business owners will be required.
Names of all owners, controlling principals and managers must be disclosed.
A satisfactory credit history will be required. A current (90 days) credit report must be submitted.
In addition, for a business to qualify for an owner-occupied real estate loan, j-ref has the following requirements:

The business and real estate must be located in Howard County
A minimum 75 percent of the leased space must be occupied by the owner
Minimum down payment by the borrower is five percent
The rate for the loan is prime plus three percent
There is no pre-payment penalty
j-ref loans are for business purposes only. Personal assets will be taken as collateral if business assets are not sufficient to secure the loan. All applicants' past performance and management abilities will be reviewed prior to funding.


The program is open to all applicants regardless of race, sex, or national origin. Any loan directly or indirectly benefiting an officer, a participating financial institution, an elected official of Howard County, or the immediate family of such officers and officials is prohibited

Business Plan Requirements

All of the following information must be submitted as part of the business plan prior to funding consideration.

Proforma business plan indicating revenues, assumptions, expenses, profit/loss, and cash flow projections for the next three years.
Staffing plan including proposed positions, salary ranges, number of positions and expected or approximate hiring dates.
Historic balance sheet and income statement for the business (existing businesses).
Personal financial statements for all owners.
Tax returns (personal, business) for the last two years.
Proposed collateral to support the loan.
Current personal credit report (not more than 90 days old ).
Release and Indemnification signed.
Resume for all owners, principals and managers.

Fees

The j-ref application fee is one-half of one percent (.5%) of the requested loan amount, plus a $350 underwriting fee. These fees are non-refundable.
j-ref also requires a one-time, non-refundable loan origination fee of 1.5% of the loan amount, due at closing.
Application Documentation

Assistance in preparing the loan application documents is available through our j-ref partnership with the Howard County Business Resource Center. Businesses anticipating the need for assistance are encouraged to seek help early in the process. For information, contact j-ref at 410-313-6170 or the Resource Center at 410-313-6550.

Submit All Materials To:
j-ref
9250 Bendix Road
Columbia, Maryland 21045