Small Business Loan Fund for Minorities, Women and Veterans

Brochure

Application

Eligibility

  • Any legal, for profit business that has its primary business location in Charles County, Maryland
  • Qualifies as a "disadvantaged business either as a:
    • Minority Owned business enterprise
    • Women owned business business enterprise
    • Veteran owned business enterprise
  • Meets the criteria of the Small Local Business Enterprise Program
  • Can demonstrate that loan proceeds will help the business to grow or will enhance the company's productivity or profitability
  • Can demonstrate the ability to repay the loan
  • Has not previously defaulted on an economic development load with any local, state, or federal agency.
  • Has no delinquent debts with Charles County

Use of Loan Proceeds

  • Working Capital
  • Inventory
  • Staffing
  • Equipment/machinery - new or used

Size of Loan

Microenterprise loans: up to $10,000

Regular Loans: between $10,000 and $35,000

Interest Rate

Prime Rate

Term

12 - 48 months, depending on loan amount and circumstances

Fees

An application fee of $50 and closing costs of $100 may apply

Subordination

The Small Business Loan Fund  is not intended to replace commercial bank financing. Borrowers who are able to secure bank loans are encouraged to do so. Therefore, the loan fund will take a subordinated position to bank (conventional, credit union, etc.) financing for either equipment or working capital loans.

Views from Charles

Ignite Entrepreneurship: Tips for Connecting from a Local Broadband Provider

Published: Friday, September 22, 2017

In our latest “Ignite Entrepreneurship” blog, Daniel Thompson, CTO of the newly launched PeakeNet Broadband – a locally owned and operated internet service provider bringing connectivity to rural Maryland communities – shares his insights for other entrepreneurs in Charles County.

Find A Property

“Charles County is a great central location for us to have access to all of our customers. We do business with NSWC Carderock, Naval Research Laboratory, NAWCAD Patuxent River, NSWC Dahlgren, and Indian Head Naval Support Facility, to name a few.”

Scott Decker
Director of Operations

Cardinal Scientific

“We are proud to be a key part of Charles County’s future and we heartily encourage other, cutting-edge companies to join us.”

Doug Egan
Chief Executive Officer
Competitive Power Ventures

“Charles County is where we started our company and where we grew and expanded. We now operate our managed print and managed IT solutions in five states and provide custom apps all around the globe. Our headquarters is still in Charles County, an excellent place to conduct business and recruit highly skilled individuals for our ever growing team!"

Joshua Justice
President

Just Tech

 

“We are proud to be a key part of Charles County’s future and we heartily encourage other, cutting-edge companies to join us.”

Katharine Tate
 Executive Director of Provider Engagement and Community Relations

Righttime Medical Care

“Charles County is a great place for businesses to start, grow, and thrive! We've worked with over 100 businesses since we opened our doors in Charles County, and I've witnessed the majority of these businesses achieve all three.”

Darlene M. Breck

Owner

Southern Maryland Business Center

“Charles County is a great place to do business because of the passion of the business community and the residents who strive to make it the best that it can be."

Andrew W. Welburn

President

The Welburn Organization