Loans and Funding Sources

Maryland Small Business Covid-19 Emergency Relief Grant Fund: Grants up to $10,000, not to exceed 3 months of cash operating expenses for Maryland businesses and nonprofits impacted by the Covid-19 with 50 or fewer employees. Eligible uses include working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses that occur in the ordinary course of operations. Click here for more info. Click here to apply.

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Click here for information about the Small Business Administration funding sources, including the SBA Economic Injury Disaster Loan Program.

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Maryland Small Business Development Center: Covid-19 Business Survival Guide (3.22.2020) Click here. This includes resources and frequently asked questions which can help guide your business through this global pandemic. The resources focus on several different areas from marketing on Facebook and Google, to CDC Guidelines for small businesses and the SBA Economic Injury Disaster Loan process. We encourage all businesses to review these tips and to consider applying for funds.

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Local Resources for Businesses Affected by Covid-19: This is a great resource page with information about Baltimore resources and non-Baltimore resources for small businesses, including funding resources and links to connect with other Baltimore Local Organizations. It also includes information about unemployment.

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Downtown Partnership List: Downtown Partnership has put together the following list of resources for businesses.

  1. Baltimore Business Lending Loan
  2. Entrepreneurs of Color Fun Loans($5K-$250K)
  3. Harbor Bank Business Loan
  4. Kiva Baltimore Loan (up to $10K & expanded for Coronavirus) See more info below.
  5. LEDC Loan
  6. MCE Micro and Business Loan
  7. Military Personnel and Veteran-Owned Small Business Loan Program (up to $50k) See more info below
  8. Micro-enterprise Loan Program
  9. Neighborhood BusinessWorks Loan
  10. Program for Investors in Microentrepreneurs
  11. The VOLT Fund Loans ($25K-$500K)
  12. Honeycomb Credit Small Business Relief Loan See more info below.
  13. United Way Community Response and Recovery Fund
  14. Baltimore Micro Loan Fund Loans
  15. Facebook Small Business Grants See more info below.
  16. Baltimore Development Corporation Facade Improvement Grant

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NEW! M & T is supporting our local community by offering tools such as: (as of 3.20.2020)

  • A special unsecured personal loan up to $5,000 at a reduced APR of 2.99% to cover living expenses or other necessities.
  • Free relief on deposit and lending solutions
  • Payment relief by making changes to your current loan payment amount or loan length (i.e. defer a payment and add it to the end of the loan)
  • Beginning Monday, March 23rd:
    • ATM Transaction fees charged by M & T will be waived for all customers through the end of April
    • All early withdrawal fees on CDs open greater than 7 days will be waived through the end of April
  • Contact M & T at 1.800.724.2440 if you need assistance with online banking.

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Honeycomb Credit and the MD Neighborhood Exchange announce a working capital relief program to address the needs of small businesses disrupted by the coronavirus.

  • $50,000 in working capital
  • Initial 6 month interest only payment period
  • 3 year fully amortizing loan
  • No prepayment penalties
  • 7.5% – 10% interest rate
  • For details, click here

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KIVA is providing loans for US small businesses:

  • Expanded eligibility
  • Larger Loans (increase from $10,000 to $15,000)
  • Grace Period: New borrowers can access a grace period of up to 6 months for greater financial flexibility
  • For details, click here

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Community Wealth Builders – Contact Stephanie Geller 443.242.4110 or SGeller@communitywealthbuilders.org Stephanie can provide support, answer questions, and help move the process along quickly.

Food and Drink Enterprises​:      Through Credibles, area restaurants and food/drink enterprises can generate needed capital by encouraging customers to pay upfront for recurring benefits (e.g., a person will pay $100 and then can spend $110 at the business).  This enables businesses to generate capital relatively easily while building a base of loyal customers.     

    • For details, click here

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Facebook Small Business Grants Up to $100 M in cash grants and ad credits for up to 30,000 eligible businesses

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Military Personnel and Veteran-Owned Small Business Loan Program (up to $50k – no interest loans)