Baltimore Business Lending

Business Lending is a small business lending program designed to provide capital to emerging and growing small businesses that are creditworthy, but lack the equity or collateral necessary to qualify for traditional lending resources.

Baltimore Business Lending COVID-19 Response 

Given the uncertainty surrounding COVID-19 and how long it will affect small businesses, Baltimore Business Lending is only making loans and disbursing funds to businesses that can show an ability to operate at full or close to full capacity and repay the loans. Loans are being made to businesses that can currently open their doors and begin operations. However, we still encourage you to begin the initial stages, even if your business is not fully operational at this time, to expedite the process when your business is ready to apply.

About Baltimore Business Lending

Baltimore Business Lending provides small business loans to for-profit businesses located in Baltimore City that do not have the collateral or equity to qualify for traditional loan programs. Loans can be used to purchase inventory, supplies and materials, to purchase or lease furniture, fixtures, machinery and equipment, and as operating capital. No specific dollar amount of collateral is required, however, a UCC Financing Statement will be filed against all business assets. Borrowers must have a reasonable credit record with consistent payments for a period of at least 6 months prior to application. (No bankruptcies within the last 2 years, and no outstanding tax debts that are not part of a payment plan.)

• Emerging Loans are available to emerging and start-up businesses in amounts ranging from $10,000 to $50,000, with loan terms ranging from 3 to 7 years.
• Growth Loans are available to existing business ranging in amount from $50,000 to $150,000, with loan terms ranging from 5 to 10 years.
• The interest rate is currently 9.25%, with a special Women Owned Business fund at a rate of 7.25%.

BBL loans are offered directly as well as through a collaborative effort with existing small business lenders. Should you have collateral or otherwise be ineligible for a BBL loan, our partner lenders are:

• Maryland Capital Enterprises (MCE) – Nick Rudolph, 410-900-5715 or nrudolph@marylandcapital.org
• Enterprise Development Group (EDG) – Anjerrika Bean, abean@ecdcus.org

STEP 1: Technical Assistance (TA) 

The first step for applicants is to complete an approved free Technical Assistance (TA) program (small business training), that covers, at a minimum, writing a business plan, compiling business financials, and identifying applicable licensing and regulatory requirements for your business. Please contact an approved TA provider and tell them you would like to apply for a BBL loan:

• GBUL Greater Baltimore Urban League – 410-523-8150. Ask for Dana Moulden or email dana.moulden@gmail.com.
• Operation HOPE – 443-563-1302. Ask for Tracy Evans or email tracy.evans@operationhope.org.
• SBDC Small Business Development Center Maryland – 301-792-3435.  Ask for Bill Freeman or email wfreeman@umd.edu.
• MICApreneurship – 410-225-4210. Ask for Stephanie Chin. (for MICA alumni only)
• Project Opportunity – Register for an upcoming class or select "Future class not listed" to be contacted directly. (for veteran, active duty, reservist, or military spouse entrepreneurs)
• If you are unable to schedule an appointment with a TA provider, contact me via the information below my signature.

If you have completed the Goldman-Sachs 10,000 Small Businesses program, your TA requirement is considered to have been met.

STEP 2: Application

After you complete TA and you receive a certificate of completion, you are ready to apply for a BBL loan. Apply here or contact me via the information below my signature.

Please share this information with your network.  Looking forward to hearing from you!