Charles County COVID-19 Business Loans

Charles County Government has created the COVID-19 Business Relief Fund to help local businesses during this national crisis. Under this program, eligible businesses can apply for loans up to $5000 with deferred repayment. For even more assistance, the Economic Development Department’s existing revolving loan programs have also been adapted to address the immediate needs of county businesses.

You can use one application to apply for any of these loan programs.

URGENT UPDATE As expected, we have had enormous response to this loan program. Once you request an application, you will receive instructions on submitting your application.  We strongly encourage interested businesses to submit completed loan application packages as soon as possible. Due to limited appropriation funding, we will stop accepting completed loan applications once the requests have exceeded total funds available.

Request application.

COVID-19 Business Relief Fund (New)

  • Loan amount: up to $5,000
  • Term: 5 Years Amortization
  • Rate: 3.25% Fixed
  • Deferred Payment: No Principal & Interest for 12 months

Business Development Loan Fund (Existing)

  • Loan amount: up to $10,000
  • Term: 2 Years
  • Rate: 3.25% Fixed
  • Deferred Payment: Interest only payment for 8 months; principal deferred for 8 months

Target Industry Incentive Loan Fund (Existing)

  • Loan amount: up to $10,000
  • Term: 2 Years
  • Rate: 3.25% Fixed
  • Deferred Payment: Interest only payment for 8 months; principal deferred for 8 months

Use of Funds:
To provide support for operating expenses including payroll, suppliers, rent, and other business operating costs



All loan programs:

  • Charles County-based small businesses or Sole Proprietorship (with or without employees or as independent contractors)
  • Principal business office or location must be physically located in Charles County
  • Business registered with the state of Maryland Department of Assessment & Taxation
  • Businesses meet U.S. Small Business Administration definition of a small business
  • New business ventures are not eligible – must be 2 years or more in business
  • Evidence of Business in Good Standing with the State of Maryland
  • No delinquent debt with Charles County
  • For-profit business entity
  • Borrowers must maintain operations in the County for the term of the loan

Target Industry Incentive Loan Fund

  • Company must be operating in the following industries:
  • Federal Contracting
  • Health Services
  • Technology
  • Innovative Entrepreneurial Activity
  • Professional Business Services
  • Retail Development
  • R&D and Engineering
  • Value-Added Agriculture

Business Development Loan Fund

  • Minority owned business enterprise, woman owned business enterprise, and/or veteran owned business enterprise
  • Meet the Small Local Business Enterprise Program criteria
  • Not previously defaulted on an economic development loan with any local, state, or federal agency
  • No delinquent debt with Charles County

Required Documents:

  • 2017 and 2018 Business Tax Return as filed with IRS
  • 2019 Business Tax Return or 2019 Company prepared Income Statement & Balance Sheet
  • 2020 Year to Date Income Statement (January – March)
  • Completed 4506T form (2017, 2018 & 2019)
  • Personal Financial Statement
  • Payroll/Employee Roster (February & March 2020) & Signed Employment Certification (not required for independent contractors & businesses without employees; submit Form 1099-MISC if applicable)
  • Rolling 6 months bank statement (September 2019 – February 2020)
  • Evidence of Business in Good Standing with the State of Maryland (the free, non-certified copy from the SDAT website is acceptable)
  • Organization documents:
    • Sole Proprietorships – Trade Name
    • Partnerships & LLCs – Partnership Agreement or Articles of Organizations & Operating Agreement
    • Corporations – Articles of Incorporation & Bylaws
  • COVID-19 Action Plan detailing:         
    • Evidence of business disruption (How the business is afflicted by COVID-19)
    • What means and methods is the business currently utilizing to conduct business
    • How is the business preparing itself for the resurgence once the COVID-19 state of emergency has been lifted?
  • Evidence that application has been submitted to the U.S. SBA and/or State of Maryland (optional; preference will be given to applicants who do not qualify to receive federal or state funding or funding from other sources), or
  • Evidence that business does not qualify for State and Federal COVID-19 loan and grant programs (a written statement is acceptable)

Please contact Lucretia Freeman-Buster, Chief of Business Development, at 301-885-1344 or for more information.

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