President’s Message
Shelly M. Gross-Wade, President & CEO
Welcome to the FSC first website!
Through strategic partnerships with several local and regional bank partners, FSC First operates a multi-million dollar revolving loan fund. The revolving loan fund permits FSC First to make direct loans ranging from $25,000 to $250,000 to pre-bankable and rapid growth companies that have a demonstrated ability to repay and secure the loan. Also, as a certified SBA 504 lender, offer commitments up to $5.0 Million for the acquisition of owner occupied, commercial real estate or machinery and equipment. FSC First is currently servicing more than $30 million in loan assets.
The businesses we have assisted in Prince Georges County with direct loans have used the proceeds to purchase owner-occupied commercial real estate, purchase existing businesses (assets only), machinery and equipment; including modernization, renovations, inventory and day-to-day working capital. With our support and guidance, local businesses have achieved unprecedented entrepreneurial success and created almost numerous local jobs. Without FSC First’s involvement, these business owners would have been unable to start-up or expand. Their investments have resulted in increased payroll taxes, real estate tax revenues, recordation taxes and personal property taxes. As good community stewards, these business owners have volunteered their expertise in our community, made charitable donations, purchased products and services from local vendors and suppliers, performed on local and regional contracts, and supported our schools, civic and community organizations.
We especially want to express our gratitude to our funding partners – including Branch Banking & Trust, The Columbia Bank, Commerce First Bank, Industrial Bank, Old Line Bank, PNC Bank, Prince George's Federal Savings Bank, SunTrust Bank, Capital One Bank, Wachovia Bank, The Washington Savings Bank, as well as the Prince George’s County government for their continued support of FSC First.
FSC First is more than a lender! Our ability to collaborate with various County and State agencies to provide a seamless approach to permits, expanded markets, increased procurement opportunities, and access to management and technical assistance has been invaluable for our borrowers. We are pleased to leverage our county funding grant – for every one dollar of funding we received from the county; we generated more than $43 in direct and indirect investments.
FSC First is a Community Development Financial Institution (CDFI) designated by the U. S. Department of Treasury to provide non-traditional financing solutions to small and minority-owned businesses. In addition, FSC First is a Certified Development Company (CDC) authorized by the U. S. Small Business Administration (SBA) to market, underwrite, close and fund SBA 504 loans in the State of Maryland.
FSC First is proud to achieve its mission to provide access to capital for small and minority-owned businesses, by using various economic development financing programs, to provide accounts receivable financing, contract financing, SBA 504 commercial real estate and equipment loans, as well as general working capital with flexible rates and terms.
FSC First is located at 1100 Mercantile Lane, Suite 115-A, Largo, Maryland 20774. Our hours of operations are Monday – Friday, 8:30 a.m. to 5:00 p.m. For additional information or to apply for a loan, please call (301) 883-6900 or visit us at www.fscfirst.com.