Loans are a great way to start or expand your business. There are many loan options available from traditional bank loans to micro lenders. Take a look below at some of the loan programs available from various Baltimore lenders ranging from $5,000-$500,000.
• • • • • • MICROLOANS FOR BUSINESSES • • • • • •
Baltimore Micro Loan Fund (Baltimore Development Corporation (BDC))
Kristina E. Williams
Retail & Main Streets
36 S. Charles St. – Suite 2100, Baltimore, MD 21201-3015
Office: 410-837-9305 | Direct: 410-779-3833 | Fax: 410-837-6363 | kwilliams@baltimoredevelopment.com
http://baltimoredevelopment.com/loans/
The Baltimore Micro Loan Fund provides existing and start-up small businesses with financing for working capital, furniture, fixtures, machinery, and equipment. Loan amounts are between $5,000 to $30,000, with the objective of stimulating employment, assisting small businesses in obtaining fixed rate financing, and to encourage private sector investment in Baltimore City.
Small Business Loan (Latino Economic Development Center (LEDC))
Rodrigo Cordon
Small Business Lending Officer
3500 Boston Street, Suite 317. Baltimore, Maryland 21224
202.352.3373 direct | 800.668.0469 fax | rcordon@ledcmetro.org
As a certified Community Development Financial Institution (CDFI), LEDC provides microloans (up to $50,000) to start-up and existing businesses that have difficulty obtaining credit from mainstream financial institutions. LEDC is committed to helping business owners improve their consumer credit score, and assess the financial tools they need to grow and expand their business.
MCE Micro Loans and Small Business Loans (Maryland Capital Enterprises)
Office: 410-546-1900 | info@marylandcapital.org
http://www.marylandcapital.org/services/business-loans
Loans for businesses that employ fewer than 10 people, need $35,000 or less in capital and do not have access to traditional lending sources such as banks. MCE also provides technical support to businesses. In addition MCE provides micro-loans up to $50,000 to individual entrepreneurs as well as small business loans up to $250,000
• • • • • • BUSINESS LOANS • • • • • •
Baltimore Energy Initiative Loan Program (Healthy Neighborhoods, Inc.)
Rahn Barnes
Manager, Loan & Grant Programs
Tel: 410-332-0387 ext. 154 | rbarnes@healthyneighborhoods.org
The Baltimore Energy Initiative loan program provides low-interest loans to non-profit and for-profit small businesses for energy projects costing less than $150,000. Eligible projects could include energy efficient HVAC, lighting, appliances, or equipment.
Neighborhood BusinessWorks Loan Program (NBW)
Michael J. Haloskey III
Director, Business Lending Programs
Division of Neighborhood Revitalization, Maryland Department of Housing and Community Development (DHCD)
Tel. 410-514-7237 | haloskey@mdhousing.org
Program Fact Sheet: http://www.neighborhoodrevitalization.org/programs/nbw/nbw.aspx
The Neighborhood BusinessWorks loan program provides gap financing (up to $500,000), i.e. subordinate financing, to new or expanding small businesses and nonprofit organizations in Sustainable Communities throughout the State.
Heritage Structure Rehabilitation Tax Credit Program (Small Commercial Tax Credit)
Megan Klem, Preservation Officer with Maryland Historic Trust
Tel: 410-514-7688 | megan.klem@maryland.gov | http://mht.maryland.gov/taxcredits_small_commercial.shtml
Credits for small commercial properties that will help fund modest rehabilitation projects such as roof repair and façade restoration. Eligible projects may receive a state income tax credit up to 20 percent of qualified rehabilitation expenditures. Small commercial rehabilitations cannot exceed $500,000 in expenses, and the credit is capped at $50,000 in a 24-month period.
