New Partnership to Expand Availability of PPP Loans

The Baltimore Development Corporation (BDC) and the Neighborhood Impact Investment Fund (NIIF) have entered into a partnership with Opportunity Fund to expand the availability of Paycheck Protection Program (PPP) forgivable loans to Baltimore's small businesses, sole-proprietors, and independent contractors.

Opportunity Fund is the nation's largest non-profit, small business micro-lender, with a 25-year track record of financing underserved small businesses, focusing on entrepreneurs of color and low-to-moderate income borrowers. With capital from NIIF and application assistance from BDC and our community partners, Opportunity Fund is now offering PPP support to eligible businesses in Baltimore.

If your business is located in Baltimore City and did NOT receive a PPP loan in 2020, you can now apply for a first PPP loan through Opportunity Fund's online application portal by clicking HERE.

While all small businesses are encouraged to apply, Opportunity Fund is focused on providing PPP access to the smallest businesses, especially sole proprietors, those without banking relationships, and those who missed out on the first round of PPP.

In the first round, Opportunity Fund issued over 1,000 PPP loans with an average loan size of less than $15,000, and they work with all their borrowers to help them qualify for full loan forgiveness. Opportunity Fund does not have a minimum PPP loan amount.

If your business received a PPP loan previously and you are interested in a “second draw” loan, it will likely be easiest to apply for more funds through your original lender. However, if your original lender is not accepting second draw applications or you prefer to apply with Opportunity Fund, you may apply at the same application portal.

The last day to submit an application is March 31, 2021, but time is of the essence and Opportunity Fund recommends applying by mid-March to allow for processing time. They will be reviewing applications as soon as they are complete and submitted. You may also contact Opportunity Fund by email at pppteam@opportunityfund.org or call (866)714-1626.

Applicants can request technical assistance, including language assistance, from BDC and community partners at https://www.baltimoretogether.com/technical-assistance-form.