The MSFA has placed a moratorium on general facility loan and grant applications. History shows that most facility projects require loans of $1MM plus; a cost that the VCAF cannot support and remain fiscally viability.
The MSFA has placed a moratorium on general facility loan and grant applications. History shows that most facility projects require loans of $1MM plus; a cost that the VCAF cannot support and remain fiscally viability.
Should a company have a lower cost facility project, a small addition or renovation, the company’s president or corporate executive can contact the VCAF Committee chair to request approval to submit a facility project VCAF loan application. If a company is approved to apply, the VCAF Committee will prioritize facility loan applications. Companies with the greatest financial need will be afforded an opportunity to receive VCAF loans totaling up to 75% of the total project cost (for projects under $1MM) Companies that have more stable finances will likely receive less than 75% and companies that have very stable finances and a raining day fund may have their VCAF loan application declined since they are reasonable candidates for commercial loans. As part of this new process, the VCAF Committee will negotiate loan amounts / percentages with company representatives at the VCAF meeting. Companies must predetermine their loan tolerance and authorize their representative(s) to negotiate on their behalf at the VCAF meeting.
Facility loans are available for purchasing, replacing, or improving facilities that are used to house firefighting equipment, ambulances, and rescue vehicles. Facility loan terms are as follows:
The MSFA VCAF Committee is no longer accepting general facility grant applications. The Committee will only consider bona fide requirements that fully meet the following criteria established by Maryland Code, PUBLIC SAFETY, TITLE 8 – FIRE AND RESCUE FUNDS: Subtitle 2 – Volunteer Company Assistance Fund; § 8-203. Volunteer Company Assistance Fund – Purpose; grants:
If a company is presented with a bona fide emergency requiring a VCAF facility grant as defined by Maryland Code, the company’s president or corporate executive can contact the VCAF Committee chair to request approval to submit an emergency VCAF grant application. However, please understand that approval of a facility grant is extremely unlikely.
Should your Company qualify for a MSFA VCAF grant, facility grants shall not exceed 50% of the project’s total cost and shall be capped at a maximum award value of $500K.
All companies applying for a loan and/or grant must have a representative attend the MSFA VCAF Committee meeting and MSFA Executive Committee meeting. Companies that fail to attend either meeting will be disqualified and the company will have to reapply during the next open application period.