Small Business Assistance Programs Available to Riverdale Park Businesses
As part of the Town's economic development program, we are providing this list of
small business assistance programs. For more information please contact Town Hall at (301) 927-6381.
The following is a list of local, state and federal agencies that oversee business assistance programs/resources available to Riverdale Park business owners or individuals wanting to start a small business within Riverdale Park. Resources available to businesses range from assistance in helping start a small business to financing programs and tax incentives. For complete lists of the programs each agency provides, contact the agency/organization via the information provided. If you have any questions, please contact Riverdale Park Deputy Administrator Krista Baker-Hernandez at 301-927-6381.
Prince George's County
Prince George's County Economic Development Corporation
The Prince George's County Economic Development Corporation is a private, non-profit company that provides a number of services and programs to new and existing businesses to help maintain and create new businesses within the county. Programs and services the EDC provides include administering and connecting business owners to financing and incentive programs.
The EDC has partnered with the County's library system to place Business Information Centers (BICs) in various public libraries within the County. One of these BICs is located in the Hyattsville Library. The BICs provide information via business publications and computer work-stations to small and minority business owners so that they may start or grow their company.
The EDC also provides management and technical assistance services to small and minority businesses through its Small Business Assistance Center. The Small Business Assistance Center (SBAC) provides assistance with marketing, business management, personnel administration and loan packaging. The SBAC staff also connects small business owners to loans such as The Small Business Growth Fund and the SBA 405 Loan. You may contact the SBAC staff directly at 301-306-5682 or firstname.lastname@example.org.
Redevelopment Authority of Prince George's County
The Redevelopment Authority of Prince George's County provides planning for community development and redevelopment projects, implements and facilitates neighborhood improvements, facilitates development and redevelopment of real estate, and coordinates revitalization efforts through Prince George's County. The Redevelopment Authority also administers the Commercial Building Loan Fund which provides loans to small businesses.
Prince George's Financial Services Corporation
The Prince George's Financial Services Corporation (FSC) provides creative, flexible financing to small and minority-owned businesses.
Prince George's County Memorial Library System
The library's online services include access to databases for businesses and other business-related resources.
Prince George's Chamber of Commerce
State of Maryland
Maryland Department of Business & Economic Development
The Maryland Small Business Development Center Network (MSBDCN)
301-403-0501 (College Park)
The MSBDCN provides counseling and consulting services, as well as, training programs to prospective and current business owners in Maryland. Maryland maintains a network of Small Business Development Center satellite offices across the state, with headquarters in College Park.
Business Tax Credits and Incentives
http://business.marylandtaxes.com (See “Business Tax Credits”)
The State of Maryland offers numerous tax credits and incentives. This website summarizes tax credits that Maryland business owners may be eligible for.
Dingman Center for Entrepreneurship at the University of Maryland
(See “Business & Research Centers” then “Dingman Center for Entrepreneurship”)
The Dingman Center offers a number of classes and programs that help businesses.
U.S. Federal Government
United States Small Business Administration (US SBA)
202-606-4000 (Washington Metropolitan Area District Office)
The U.S. Small Business Administration provides financial, technical and management assistance to Americans who want to start a business. The US SBA is the nation's largest backer of small businesses. Prince George's County's businesses are served by the Washington Metropolitan Area District SBA Office. The Prince George's Small Business Assistance Center and the Prince George's Financial Services Corporation can help connect individuals to many of the US SBA loan programs such as the SBA 504 Loan Program and the 7(A) Loan Guaranty Program.
SBA 504 Loan Program -
The CDC 504 Loan Program provides growing businesses with long-term, below-market, fixed-rate loans to purchase real estate, build, expand, renovate or make leasehold improvements to buildings, or purchase machinery and equipment. The program covers up to 40% of the total cost of a project.
7(A) Loan Guaranty Program -
The 7(A) Loan Guaranty Program provides loans to small businesses unable to secure financing on reasonable terms. The program operates through private lenders but guarantees the loans.
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