This winter, Gary L. Rollins Funeral Home — a Frederick business focused on helping the community through the toughest times of life — formally kicked-off construction of the new Rollins Life Celebration Center at 330 Catoctin Avenue. The new facility is importantly designed with a single-story layout to provide easier access to all services, and will offer improved parking to visitors. The Rollins team is hopeful to move to the new location this summer.
This exciting new project was financed, in part, through the Neighborhood Business Works: a loan program offered through the Maryland Department of Housing and Community Development.
The Program
Neighborhood BusinessWorks provides flexible financing to new or expanding businesses & non-profits organization located in Sustainable Communities & Priority Funding Areas throughout Maryland.
Program loans, which are offered in amounts up to $5 million, may be used to help finance:
marketing/planning/feasibility studies
real estate acquisition
new construction or rehabilitation
leasehold improvements
working capital (when part of a total project cost)
certain other costs associated with opening or expanding a small business
Projects are considered on a criteria of viability & potential, impact on the neighborhood, significant exterior improvements, increased street level activity, improvements to vacant/underutilized buildings or sites, introduction of needed good or services to a neighborhood, creation of new jobs, and readiness to process.
Interest rates are based on market conditions & the underwriter’s analysis. A minimum of 10% applicant capital cash contribution is required, as are personal guarantees & collateral.
Below, we caught up with Gary Rollins of Gary L. Rollins Funeral Homes to ask him about his experience using the Neighborhood BusinessWorks program to move his venture forward.
Why Neighborhood Business Works?
The biggest thing was... the project was really expensive. We were going to need more resources to take our plans to their fullest potential. Using the Neighborhood BusinessWorks program as a gap financer helped us obtain the extra cash we required to get where we wanted to be.
The Loan Process
Through a series of local community connections, we were able to get on the phone with people in charge of this State program. They liked the concept of what we were trying to do and they were able to help us.
The process was quick. It was easy. The program administrators asked us for certain papers, financial documentation, and what we were going to use the money for. There were no hiccups, no missing papers, no phone calls for lost information – nothing like that. It was a good, easy process. You just have your ducks in order and they roll with it from there.
Advice to Others Considering the Program
Get your business plan straight. Be ready to demonstrate all your experience and what you’ve done to date. When you go to a program like this, you have to bring something to the table for people to listen to you. They aren’t going to give you anything if you aren’t fully committed and ready.
Just try to think ‘if someone was coming to you and asking you to help them do something … what would you ask them to have?’
Nothing beats failure but a try. Go to them and lay out what you want to do! The worst thing they can say is no. But if you’re persistent and come back again, hopefully you will have learned what you need to do. The next time you can do a better job, and before long you’re going to get to be where you want to be.
- Gary Rollins, Gary L. Rollins Funeral Home
Interested in using the Neighborhood BusinessWorks program for your Frederick business? Contact the City’s Department of Economic Development for help getting started.