Summit Financing Solutions


Summit Financing Solutions offers two programs for small businesses looking to obtain financing. These two programs are the Western Maryland Revolving Loan Fund (RLF) and the State Lottery Terminal (SLoT) Fund.


Western Maryland Revolving Loan Fund (RLF)

The Western Maryland Revolving Loan Fund Program is a pool of money granted by federal and state entities for the purpose of making loans to create and/or save jobs. Borrowers repay loans and the money is returned to the RLF to make other loans. In that manner, the RLF becomes an ongoing or “revolving” financial tool.

The Summit Financing Solutions Revolving Loan Fund serves as a source for gap financing for small businesses seeking to locate or expand in Maryland’s Garrett, Allegany, and Washington counties. Established in 1980, the program has facilitated the creation and expansion of businesses that have created or saved jobs in the Appalachian region. The program operates by participating with banks and other lenders to assist in financing a business project.

  • Loan amounts range from $10,000 - $400,000
  • Bank or other lender must be involved for at least 50% of the total project cost
  • Eligible Purposes: business acquisition, commercial real estate acquisition, building improvements, equipment purchase, leasehold improvements, business start-up costs, and working capital
  • Ineligible Uses: Refinancing existing debt, real estate for speculation, projects that do not create or retain permanent jobs, and projects that otherwise qualify for financing through traditional lenders or other programs
  • Eligible entities include for-profit corporations, partnerships, or sole proprietorships located in Garrett, Allegany, or Washington County in western Maryland
  • Use of standard underwriting practices; factors to be considered include repayment capacity, financial strength of the company and guarantors, industry and management experience, and collateral protection
  • Maximum loan terms are 5 years for working capital, and up to 15 years for fixed assets
  • Interest rates are tied to the prime interest rate and are currently prime plus 1 percent, with a floor of five percent
  • The project to be financed must create or retain a minimum of one job for each $30,000 of RLF funds requested
  • Application fee of $250 (non-refundable) for loan processing
  • Approved borrowers are assessed a one and one-half percent (1.5%) loan origination fee at closing
  • Collateral required includes Deeds of Trust, Machinery and Equipment liens, Personal Guarantys, and Key Man Life Insurance

Western Maryland Revolving Loan Fund (RLF) Brochure

Western Maryland Revolving Loan Fund (RLF) Inquiry Form

Personal Financial Statement Form


State Lottery Terminal (SLoT) Fund

The State Lottery Terminal (SLoT) Fund, under Maryland law, provides for 1.5% of the proceeds generated from video lottery terminals (slots) to be contributed to the State Lottery Terminal (SLoT) Account to be distributed to small, minority and women-owned businesses (Targeted Businesses). At least 50% of the SLoT allocations will be deployed to targeted businesses located within a 10-mile radius of the five casinos—Hollywood Casino Perryville, Ocean Downs in Worchester County, Maryland Live! in Anne Arundel County, Rocky Gap Casino in Allegany County, and Horseshoe Casino in Baltimore City. The other 50% will be available to small, minority and women-owned businesses located throughout Maryland.

Tri-County Council for Western Maryland serves as a fund manager for the State Lottery Terminal Account. TCCWMD’s allotment of funds is distributed through its lending program – Summit Financing Solutions. Small, minority, women and veteran owned businesses located within 10 miles of any of Maryland’s five casinos (Target Areas) and those located elsewhere in the state may be eligible for loans between $10,000 and $500,000.

  • Loan amounts range from $10,000 - $500,000
  • Eligible Purposes: business acquisition and expansion, owner occupied commercial real estate, lease-hold improvements, purchase of equipment, start-up costs, working capital, professional/technical assistance, and refinancing of existing debt under certain circumstances
  • Interest rates will generally range between 4% and 8%
  • Terms of up to 5 years for working capital and up to 15 years for fixed assets
  • Use of standard underwriting practices- factors to be considered include repayment capacity and debt service coverage, financial strength of the company and guarantors, industry and management experience, and collateral protection
  • A Business Plan is required
  • Personal credit score of 650 is generally required, however lower credit scores are considered
  • Personal guaranties of the debt are required from all owners with 20% or greater interest
  • Minimum equity injection of 10% for start-up businesses is generally required
  • Application fee of $250 (non-refundable) for loan processing
  • Approved borrowers are assessed a one percent (1%) loan origination fee at closing
  • Collateral required includes Deeds of Trust, Machinery and Equipment liens, Personal Guarantys, and Key Man Life Insurance

State Lottery Terminal (SLoT) Loan Fund Brochure

Western Maryland Revolving Loan Fund (RLF) Inquiry Form

Personal Financial Statement Form

Small Business Definitions by NAICS Code

There is no way to say in just a few sentences what the VLT program has done for our business. The business climate in Western Maryland has changed dramatically in the last five years. Had we not been able to move into the industrial manufacturing with the CNC machines I doubt we would still be here thus putting four people out of a job. As it turned out, it has allowed us to add one more employee to our staff and we hope to continue expanding this side of the business.

- Dean Yatchyshyn, Cresap Automotive Machine

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