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

Looking Local: Dat Jerk Carribbean Chargrill Spices Up Charles County

Published: Monday, March 20, 2017

For our latest edition of “Looking Local,” we spoke to Richard Fray, co-founder of Dat Jerk Caribbean Chargrill, located in Waldorf.

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George Nash
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