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Prince George's pushes hotel project for state loan

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Local,Maryland,Matt Connolly,Prince Georges County

Prince George's County wants the state to help finance a hotel project that already received a $1.2 million loan from the county's economic development incentive fund.

The project, a planned $15 million Hampton Inn in Camp Springs, is being financed by Shankra LLC. After receiving the county loan, Shankra went to the state's Neighborhood BusinessWorks Program to try and secure another.

Neighborhood BusinessWorks provides loans to small businesses and nonprofits looking to build in state-designated "sustainable communities." The loans, which come from the state Department of Housing and Community Development, provide below-market interest rates and max out at $500,000.

The Hampton Inn joined five other businesses in receiving money from the incentive fund last year, including food distributor Nash Finch, which received $200,000, tech company Information Management Services, which received $110,000 and software company Vocus, which received $100,000.

A $500,000 loan to Man & Machine Inc. and a $300,000 loan to build new Little Caesars' locations were the first allocations announced a month after the fund's July opening.

mconnolly@washingtonexaminer.com

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