Small or start-up businesses located in Howard County, Maryland are invited to apply for loans through j-ref in amounts ranging from $5,000 to $100,000 in order to meet expansion or start-up costs. The maximum loan term is seven years. The program is open to businesses unable to receive financing from traditional sources.

Click here for j-ref Application (PDF)

Eligibility

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.

j-ref loans are for business purposes only. Proceeds of loans made by j-ref may not be used to repay any debt, to purchase real estate, or to pay for travel expenses. 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 the greater of: one-half of one percent (.5%) of the requested loan amount; or $350, payable to j-ref.

j-ref also requires a one-time, non-refundable loan origination fee of 1.0% of the requested 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