For a business owner, the distance between a promising opportunity and a viable project often comes down to one thing: access to financing. That’s why the Allegany County Department of Economic and Community Development (ACECD) works to connect local businesses with partners like Tri County Council for Western Maryland (TCCWMD). For qualifying businesses across the region, TCCWMD offers financing opportunities that can help create new paths forward.
TCCWMD is a regional council of governments serving Allegany, Garrett, and Washington counties and is one of six regional councils in Maryland. For more than 50 years, TCCWMD has worked across the region to connect local governments, businesses, and community leaders with resources that support Western Maryland’s long-term growth. TCCWMD stewards a network of federal, state, and local partnerships, including holding the area’s Appalachian Regional Commission (ARC) Local Development District and U.S. Economic Development Administration (EDA) Economic Development District designations.
Beyond regional planning and economic development initiatives, TCCWMD also offers financing programs that help eligible businesses invest in projects, expand operations, and create or retain jobs. Since its inception, TCCWMD has funded more than 300 projects, invested $29.1 million in loans, and helped create or retain more than 4,900 jobs in Western Maryland. In 2025 alone, the organization funded 23 loans, invested $4 million, helped retain 108 jobs, and supported the creation of 74 new jobs.
ACECD works with TCCWMD to help Allegany County businesses understand when those financing resources may be relevant to a project. “Building a stronger Allegany County starts with supporting the businesses that call our community home,” said Nathan Price, Senior Project Manager for ACECD. “Through our partnership with Tri County Council for Western Maryland, we can help connect the right projects to another potential financing tool that can make a meaningful difference in moving an opportunity forward.”
For TCCWMD, identifying the right projects means assessing each project’s impact. TCCWMD considers the strength of the business, the viability of the proposed investment, and the potential for lasting impact.
“We’re looking for businesses with a viable project, a clear plan, and a commitment to this region,” said Ryan Davis, Business & Program Planner for TCCWMD. “Job creation and retention are a big part of what we do, but we’re also looking at the full picture: Is the project positioned to succeed? Does the business have the capacity to repay the loan? Will this investment help the company stay, grow, or create a lasting impact in Western Maryland?”
For business owner Heather Lancaster, access to TCCWMD financing helped turn a long-held goal into a physical home for her company. Lancaster owns Spectrum Designs, LLC, a full-service residential and commercial interior design studio. The company offers space planning, renovation design, custom window treatments, paint consultations, and designer resources for custom furniture, wall covering, lighting, carpeting, tile, and more. Through a TCCWMD loan, she was able to purchase a 1,000-square-foot studio in Frostburg that features home décor and gift items while providing a dedicated space for design services.
“My dream of owning an interior design business would not have been possible without the help and guidance of Tri County Council. My experience was extremely positive, and for that, I am eternally grateful. I would recommend TCCWMD to anyone interested in pursuing a business purchase,” Lancaster told TCCWMD.
Tri County Council for Western Maryland's Revolving Loan Fund (RLF) is a trusted lending program designed to support small businesses across Western Maryland. The RLF offers entrepreneurs and small businesses in Allegany, Garrett, and Washington Counties accessible pathways to the capital needed to start, grow, and thrive. The RLF strengthens the economic foundation of the region by empowering businesses that lack access to the capital they need. Priorities include creating and retaining permanent jobs and expanding opportunities throughout the region, building wealth and growing economic vitality in the Tri County region by helping businesses start, expand, and flourish, assisting under-resourced businesses throughout the region, ensuring risk-tolerant capital access across a diverse range of industries, and supporting small businesses in times of economic uncertainty.
Loan amounts range from $10,000 to $1,000,000 and can be used for business acquisition or expansion, commercial real estate acquisition (owner-occupied). leasehold improvements and building improvements, equipment, machinery, and fixed asset purchases, start-up costs, working capital, professional or technical assistance, and refinancing existing debt with sound economic justification.
For interest in the Revolving Loan Fund, click here to complete an Inquiry Form or call 301-689-1300.
Requirements when applying for funding include a completed business plan with realistic financial projections, a completed personal financial statement, three years of business and/or personal tax returns, an acceptable credit score, and measurable job retention or job creation. An equity injection may be required.
Flexible underwriting practices apply, depending on industry, credit score, and business plan. Factors considered include repayment capacity and debt service coverage, financial strength of the company and guarantors, industry and management experience, and collateral protection.
“The impact goes beyond any one loan,” said Davis. “When a business uses financing to purchase a building, expand operations, retain employees, or create new jobs, that investment stays rooted in the community. And because these are revolving funds, the dollars that are repaid can go back out to support another business and another project. That’s how one investment can continue creating opportunities across Western Maryland for years to come.”
To learn more about how partners like TCCWMD help businesses invest, grow, and create new opportunities in Allegany County, read our blog.
