Baltimore County Programs:
Boost Loan Fund Program provides access to capital for targeted businesses which include small businesses, minority, women and veteran owned businesses in the Baltimore Metro area. The new fund is capitalized by the Maryland’s tax casino’s revenue. The new fund will provide flexible financing to assist in the acquisition of business assets, working capital, equipment, owner occupied commercial real estate, construction of new facilities and lease hold improvements. The Fund will issue loans with terms varying from three to 15 years, depending on the asset being financed. Additional request for information can be emailed to email@example.com.
Advanced Technology Loan Fund provides loans to technology based businesses and businesses acquiring technologies. Maximum loan amount is $250,000. Funds may be used to finance the acquisition and improvement of land, buildings, plant and equipment, including new construction or facility expansion.
Small Business Loan fund provides real estate and fixed-asset loans through a partnership between Baltimore County and the area’s leading financial institutions. The maximum loan amount is $1 million, or 40 percent of the project cost, whichever is less. Applicants must obtain a loan commitment in an amount equal to at least 50 percent of the project cost from a bank participating in the Small Business Loan Fund.
Business Growth Loans are direct loans or loan guarantees for new or expanding industrial or commercial businesses. Maximum loan amount is $250,000. Funds may be used to finance the acquisition and improvement of land, buildings, plant and equipment, including new construction or facility expansion.
Small Business Administration Programs:
SBA General Loan
SBA provides loans to businesses; so the requirements of eligibility are based on specific aspects of the business and its principals. As such, the key factors of eligibility are based on what the business does to receive its income, the character of its ownership and where the business operates.
SBA generally does not specify what businesses are eligible. Rather, the agency outlines what businesses are not eligible. However, there are some universally applicable requirements. To be eligible for assistance, businesses must:
- Operate for profit
- Be small, as defined by SBA
- Be engaged in, or propose to do business in, the United States or its possessions
- Have reasonable invested equity
- Use alternative financial resources, including personal assets, before seeking financial assistance
- Be able to demonstrate a need for the loan proceeds
- Use the funds for a sound business purpose
- Not be delinquent on any existing debt obligations to the U.S. government