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

The Maryland Small Business Development Center: Business Support for Every Stage

Published: Monday, April 24, 2017

The SBDC offers training and counseling services to local businesses at all stages of growth. From the earliest stages of business planning, to preparing for business sale or exit strategy, the SBDC provides a range of resources.

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.”

Doug Egan
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."

George Nash
Director of Business Development
Facchina