FSC First unveils $100K credit line program amid economic funding challenges

In a pivotal budget work session on April 7, 2025, the Prince George's County Planning, Housing, and Economic Development Committee unveiled a new line of credit program aimed at bolstering local businesses. This initiative allows existing businesses to apply for up to $100,000 in credit, providing them with essential financial resources before they face potential funding needs. The program is a response to the current economic landscape, where the county faces a $15 million funding gap against a backdrop of $10 million in available non-EDI, non-green, or non-SBA funds.

During the session, officials highlighted the significant impact of recent funding programs, noting that loan approvals have surged by 98.4% compared to the previous year. The committee reported that over $105 million has been deployed in loans and grants, benefiting 228 businesses across various districts. However, challenges loom as federal funding cuts threaten key programs, including a grant from Senator Cardin that was eliminated for FY 2025.

Beverly Everson Jones, a key speaker at the meeting, emphasized the transformative nature of the funding initiatives, which have provided vital resources and coaching to over 4,000 businesses. Despite the successes, the committee acknowledged the need for careful reallocation of resources to ensure equitable support across districts.

As the county navigates these financial challenges, the introduction of the line of credit program is seen as a crucial step in sustaining economic growth and supporting local businesses in Prince George's County. The committee remains committed to adapting its strategies in response to both local needs and broader economic conditions.