Microenterprise Loan Program

Microenterprise Loan Program Main_Content ​​​The Maryland Micr​oenterprise Loan Program expands opportunities for microenterprise development, creates new opportunities for small business development and sustains local economies in Maryland communities. The Microenterprise Loan Program ​is designed to provide entrepreneurs with flexible financing for microenterprise start-ups and expansions within designated Sustainable Communities and Priority Funding Areas throughout the State. The Maryland Department of Housing and Community Development has established partnerships with community-based microlenders as Intermediaries that originate and administer microenterprise loans. Our local partners understand their local economy and can provide micro-entrepreneurs with easier access to training and technical assistance. This new public-private partnership will provide better access to capital for establishing and sustaining micro-businesses. Intermediary Microloan Partners Baltimore Community Lending (serving Baltimore City) Phone: 410-727-8590​ ​ Enterprise Development Group - Arlington, VA (Serving Anne George's, St. Mary's counties and Baltimore City) Phone: 703-685-0510 ​ Latino Economic Development Center - Washington, DC (Serving Anne , ​Prince George's counties and Baltimore City) Phone: 202-540-7412 ​ Maryland Capital Enterprises, Inc. – Salisbury MD (Serving Anne Counties and Baltimore City) Phone: 410-546-1900 ​ Prince George’s Financial Service Corporation – Largo MD (Serving Prince George’s County) Phone: 301-883-6900 ​ Please contact the intermediary directly to receive an application. Eligible Businesses Retail businesses Manufacturing businesses Goods and Services related businesses Must be located in a designated Sustainable Community area Small business cannot exceed $500,000 in annual revenue Not more than 5 employees at time of application Eligible Uses of Funds Working capital Marketing/planning/feasibility studies Real estate acquisition down payment Minor renovations Minor leasehold improvements Machinery and equipment Certain other costs associated with opening or expanding a small business Ineligible Uses of Funds No residential or transient living businesses, multifamily or single-family housing developments, nursing homes, assisted living facilities, crisis care centers, group homes, transitional housing, and homeless shelters No facilities such as community halls, fire universities No adult bookstores, adult video shops, other adult entertainment facilities, gambling facilities, gun shops, liquor stores, massage parlors, pawn shops, tanning salons, or tattoo parlors No home-based businesses Microloan Terms Microenterprise Loan Program portion of loan cannot exceed $50,000 Additional funds may be added to project by Intermediary Rates up to 12% Loan term cannot exceed 5 years Collateral is required and may include, but is not limited to personal guarantees, liens on business assets and pledges of accounts No prepayment penalties Contact Information Contact Program: Business Lending Team Email: [email protected] ​ Phone: 301-429-7408 Center_Content