A year in the making, county development group is under way

April 19, 1994|By Amy L. Miller | Amy L. Miller,Sun Staff Writer

After more than a year of work, the Carroll County Development Corp. (CCDC) is open for business.

William E. Jenne, administrator of the county's Office of Economic Development Administrator, delivered that news to the county commissioners yesterday.

The organization joins five local banks to help provide financial assistance for new or expanding companies beyond what a conventional loan can provide.

Officials from Carroll County Bank and Trust, First National Bank, Frederick County National Bank, Taneytown Bank and Trust and Union National Bank each contributed about $100,000 as an initial investment to be lent to companies that show promise.

Carroll County Bank's vice president of commercial lending, Louna S. Primm, is serving as the group's first president, Mr. Jenne said.

"They're looking at a couple of solid deals right now," said Mr. Jenne, adding that the group is educating local commercial loan officers about CCDC's function.

The county commissioners gave the corporation a final boost yesterday by signing a two-year administrative agreement to provide accounting and marketing services for the new group.

By law, the county must provide services to the new BTC organization because it is not financially contributing to it, said county Administrative Assistant Robert A. "Max" Bair.

Members of the group have arranged their own legal and auditing assistance for the corporation, Mr. Jenne said. Either party may withdraw from the agreement with 90 days' notice, he said.

"We are providing services similar to what we give the IDA," he said, referring to the Industrial Development Authority that developed the Carroll County Air Business Center.

"I think it's good that our three local banks are really behind this," Commissioner Julia W. Gouge said. "That sends a good message to the community."

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