By Danielle Douglas

Monday, December 13, 2010

Venkat A.R. Subramanian, owner of technology consulting firm Angarai International, expects to close on his first office condominium in Greenbelt this week with the help of a Small Business Administration 504 loan.

Prince George's Financial Services Corp., a nonprofit agency that's certified to manage state and federal loans, guided him through the process of securing 50 percent of the purchase price from a private lender to match the 40 percent backed by the agency. There was some frustration, with rejections from three lenders. And there was a false start, with a property deal that fell through.

Still, Subramanian couldn't imagine purchasing his first office property without the support of the nonprofit and government entities that came to his aid. Which is why he gladly stood in last week at Rep. Donna F. Edwards's (D-Md.) Small Business Lending Fair as an example of how lending programs can work.

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