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 Success from the College of Southern Marylandís Entrepreneur and Innovation Institute

Published: Monday, July 17, 2017

In our newest blog series, “Ignite Entrepreneurship,” we profile local entrepreneurs to learn more about what “ignited” their success, and also gain insights about being an entrepreneur in Charles County. For the first blog of this series, we sat down with Thomas Luginbill, director of the College of Southern Maryland’s newly-established Entrepreneur and Innovation Institute (EII).

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