Special Financing Programs
- Neighborhood Business Works Program
- Video Lottery Terminal Fund (VLT)
- Maryland Small Business Development Financing Authority
- Commercial Property Assessed Clean Energy
- Microenterprise Loan Program
- Military Personnel & Veteran-Owned Small Business Loan Program
New and expanding small businesses and non-profit organizations located in a Sustainable Community or Priority Funding Area.
Flexible gap financing for eligible projects, with loan amounts up to $5 million.
Small, minority, and women-owned businesses in Maryland. As the program was designed to assist those struggling to obtain funding from banks, there are some reduced barriers to entry: full, limited and no collateral value coverage will be considered; and business and individuals that have less than fair credit scores will also be considered in special circumstances. Personal guaranties of debt are required.
Funds from this program can be used to provide senior loans, subordinated loans, micro loans, loans with success features, acquisition of equipment, owner-occupied real estate, business acquisitions, leasehold improvements, professional/technical assistance, and refinancing of existing debt. VLT loans typically are a minimum of $25 to $50,000, and can go up to a maximum of $500,000.
The Maryland Department of Commerce administers the program with the assistance of eligible fund managers who oversee the distribution of the funds. For a list of fund managers around the state, visit the Maryland Department of Commerce's Video Lottery Terminal Fund page.
Maryland Small Business Development Financing Authority (MSBDFA) clients include small businesses unable to obtain adequate business financing on reasonable terms through normal financing channels.
A private contractor manages the five MSBDFA components and the Maryland Department of Commerce provides financing for the approved small businesses:
- Contract Financing Program
- Equity Participation Program
- Long Term Guaranty Program
- Surety Bonding Program
For more information on applying, call the MSBDFA contact at Meridian Management Group at 410-333-4270. For full program details, visit the Department of Commerce's MSBDFA page.
Commercial Property Assess Clean Energy Loans (C-PACE) are available for installation of solar, geothermal, or wind energy systems, or water conservation devices not required by law or any construction, renovation, or retrofitting to reduce energy consumption.
100% up-front capital to commercial property owners for approved projects; the loan is repaid through a long-term surcharge on the property tax bill that transfers with the sale of the property.
Full Program Details
Retail, manufacturing, and goods & services related microenterprise start-ups and expansions within designated Sustainable Communities and Priority Funding Areas throughout the State. Businesses cannot exceed $500,000 in annual revenue and may not have more than 5 employees at the time of application.
Microloan funds may be used for: working capital, marketing/planning/feasibility studies, real estate acquisition down payment, minor renovations, minor leasehold improvements, machinery & equipment, and certain other costs associated with opening or expanding a small business.
For more information and to connect with Intermediary Microloan Partners visit here.
The Military Personnel and Veteran-Owned Small Business Loan Program (MPVSBLP) offers no-interest loans of up to $50,000 for businesses owned by military reservists, veterans, and National Guard personnel, and for small businesses that employ or are owned by such persons.
Eligible applicants include veteran-owned small businesses, businesses owned by military reservists and National Guard members called to active duty, and small businesses, with fewer than 50 employees that employ them.
No-interest loans that range from $1,000 to $50,000.
Contact the Department of Commerce's MPVSBLP Program Manager at 410-767-6356 for information on application, and visit the MPVSBLP website for full program details.