Small Business Loan Fund for Minorities, Women and Veterans
- 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
- Equipment/machinery - new or used
Size of Loan
Microenterprise loans: up to $10,000
Regular Loans: between $10,000 and $35,000
12 - 48 months, depending on loan amount and circumstances
An application fee of $50 and closing costs of $100 may apply
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
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).
Find A Property
“We are proud to be a key part of Charles County’s future and we heartily encourage other, cutting-edge companies to join us.”
Chief Executive Officer
Competitive Power Ventures
“Charles County’s strategic location in the DC Metro region affords us networking and business opportunities with some of the top names in our industry."
Director of Business Development