About the Fund
The City of Mount Rainier established the Million Dollar Incentive Fund (MDIF) to provide for the retention, expansion, and attraction of businesses that will create jobs, increase the City's tax base, and improve the quality of housing and amenities available to City residents.
MDIF incentives include:
- Cash incentives
- Loan incentives
- Commercial real estate and equipment incentives
- Employee (job creation) incentives
- International incentives
- Government incentives
- Green incentives
Eligibility
In order to be eligible for the City of Mount Rainier's Million Dollar Incentive Fund (MDIF), the applicant seeking financing must meet the following requirements:
- Property/business must be located in the City of Mount Rainier
- Property must be for commercial/business use
- The Property cannot be owned by the government
- Applicant must be 100% legal owner of the property as recorded on the title or leaseholder
- Applicant must have a City business license, be current on all license fees and taxes, and not have any outstanding City Code violations
- Applicant must demonstrate that recent taxes, surcharges and charges on the property have been paid.
- Applicants must establish that the business or property owner is able to repay the loan provided under the MDIF program or has the ability to comply with the terms of the incentive agreement
- Applicants must be in good standing with the Maryland State Department of Assessments and Taxation
Use of Funds
MDIF loans and incentives may be used for:
- Real estate purchases or expansion
- Equipment - machinery, furniture, fixtures, etc
- Construction
- Leasehold improvements
- Inventory and working capital for business purposes
Loan & Incentive Terms
MDIF loans and incentives amount upto $50,000. Interest rates shall be determined by the application and all underwriting criteria.
Loan terms shall be tailored to suit the projected cash flow with the intent to minimize the terms to fewer than 5 to 7 years in most cases. Generally, loans will be fully amortized, however, balloon payments may be set on a case-by-case basis.
Program Administration
The City of Mount Rainier has contracted FSC First to administer the City's Million Dollar Incentive Fund.
Program Recipients
How to Apply
Email your funding requests to Dawn Medley, email them to Ron Warwick, or call 301-883-6900 to begin the application process.
Please bear in mind there could be several Mount Rainier business applications ahead of your application and the turnaround time for loan disbursements is approximately 3 to 6 months.
