FY2021 Adopted Budget

FY2021 Adopted Budget Fund Budgets

Economic Development Loans

Economic Development Loans This fund accounts for the receipt of loan proceeds from other governments and subsequent re-loaning of those proceeds to certain private users for economic development purposes. This fund received loans from the State of Maryland under the Maryland Industrial Land Act Program. Beginning calendar year 2016, the Frederick County Small Business Loan Guarantee program provides another source of financing for existing and aspiring small business concerns in Frederick County. The program provides a loan guarantee for up to 80% with a maximum of $50,000 for growth-related expansion projects to existing businesses and provides funds for the purchase of real estate, machinery, equipment, inventory, working capital and renovation of real estate to start-up businesses (or those in business for less than two years). The business must be located in a Frederick County priority funding area. Priority funding areas cover most municipalities and major transportation corridors in the County.

Budget Highlights The FY21 budget is consistent with the FY20 Adopted Budget.

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