COVID-19 Update

This is an unprecedented time in our history.  The COVID-19 pandemic is having an impact on the health of our love ones, the businesses we rely on and the health of our global economy.  As we all continue to navigate through these unique and evolving challenges, we want you to know that Baltimore Community Lending is here with you. BCL staff members are working full time remotely and can be reached by email and phone, and can arrange conference calls or Zoom meetings to keep the mission moving forward.

As the increasing impact of the novel coronavirus (COVID-19) reaches our communities, we recognize that some of our clients may find their businesses struggling. If you are a current BCL Borrower and your business is struggling due to COVID – 19, please reach out to us and we will do everything we can to work with you and help you through this difficult time. For details on how to request relief, please contact Pat Clements at pat.clements@bclending.org.

All investors and financial institutions that are interested in our specific mitigation plans are encouraged to email us as well.

Below are some resources that could be useful for all businesses impacted by COVID-19:

Access To Capital – Local

 
Baltimore SBA Paycheck Protection Program (PPP) – The City of Baltimore has partnered with Goldman Sachs and Lendistry to provide $10 million in potentially forgivable SBA Paycheck Protection Program loans to help vulnerable Baltimore City small businesses, including non-profit organizations, weather the economic impact of COVID-19. This fund targets underserved businesses, including those that do not currently have a relationship with a traditional bank. Lendistry, a Community Development Financial Institution (CDFI) and an SBA authorized PPP lender, is now accepting applications. To apply, click HERE.
 
Enterprise Development Group (EDG) Paycheck Protection Program – As an SBA qualified lender, EDG accepts applications under the PPP program from small businesses:
  • Based in the greater Washington DC metropolitan region (including Arlington, Alexandria, Fairfax, Loudoun and Prince William Counties in VA, Montgomery and Prince George’s County in MD) and Baltimore MD.

  • Up to a total of $50,000 per applicant (minimum: $500).

  • On a first come, first served basis, and as long as the program is funded by the SBA
.
  • No collateral, No credit-score, No origination costs
.
  • Up to 100% of principal is forgivable (if used for payroll and allowed operating costs).
  • Contact Anjerrika Bean, Baltimore Loan and Technical Assistance Officer, at ABean@ecdcus.org or 409-504-9103
Maryland Capital Enterprises (EDG) Paycheck Protection Program – Contact Nick Rudolph, Baltimore Regional Director/WBC Baltimore Coordinator, at nrudolph@marylandcapital.org or 410-900-5715.
 

Access To Capital – National

SBA Coronavirus Relief Funds – Includes information on the temporary programs, including the Paycheck Protection Program, EIDL Loan Advance, and SBA Express Bridge Loans, established by the CARES Act to provide relief to small business owners.
 
SBA up to $10,000 ADVANCE on EIDL loans – The CARES Act, which provides assistance for small businesses and non-profits suffering due to the impact of COVID-19, includes the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
 
Kiva Loans During the Coronavirus Pandemic – A crowd-funding zero interest microloan program currently offering expanded eligibility, larger loans, and a longer grace period. Check out the COVID-19 information site, or contact KIVA Baltimore directly.
 
Quickbooks/GoFundMe/Yelp Small Business Relief Initiative – These businesses are teaming up to provide microgrants to small businesses that generate $500 on GoFundMe.
 
Business For All COVID-19 Emergency Grants – Hello Alice with the support of Verizon, Silicon Valley Bank, Ebay, and others is offering $10,000 emergency grants, being distributed immediately to small business owners impacted by this pandemic. If your business has been severely impacted by COVID-19, please complete the full COVID19 Business for All Grant application to apply for immediate support in the form of $10,000 grants.
 
Reinvestment Fund PPP Loans – Will provide PPP loans to small businesses that revitalize historically disinvested communities, improve conditions for low-income people, and/or support a more environmentally sustainable future.
 
 

Business Operating Information and Support – Local 

Baltimore Together Technical Assistance – The Baltimore Development Corporation (BDC) and the Mayor’s Office of Minority and Women-Owned Businesses (SMWB) are partnering with the Support Fund to assemble a technical assistance network that will help small businesses complete applications for appropriate federal, state, and philanthropic financial assistance programs. Baltimore Business Lending is proud to be a member of the network offering technical support.
 
Loyola Crisis Navigators – Loyola University Maryland’s Center for Innovation & Entrepreneurship has created Loyola Crisis Navigators, a volunteer team brought together to advise small business owners during this time of stress and extreme market conditions for small businesses, nonprofits, and startups. Schedule appointments for virtual consultations with trained business experts, who can suggest innovative pivots to your operating model, provide counsel in decision-making, as well as explore additional resources, including new emergency loan and grant options.
 
EcoMap Baltimore COVID Business Resource Dashboard – Navigating the effects of COVID as a business owner can be tough, so instead of a giant list, EcoMap Baltimore put together this interactive database to help you find what you need.
 
SBDC COVID-19 Assistance – Helpful resources for Baltimore small business owners.
 
Maryland Business Express – A state webpage that provides comprehensive information about employer and worker assistance, financial assistance and taxes, licensing and permitting, enforcement, and other issues.
 
Maryland Coronavirus Information for Businesses – Business closures and restrictions, resources for businesses.

 

Business Operating Information and Support – National

Women of Color e-Lab – Under SheaMoisture’s $1Million Community Commerce Fund, the brand will create an e-learning platform for women of color entrepreneurs to continue to gain education, access to resources, mentorship, and advice on how to prepare for the economic downturn. 

CDC Resources for Business and Employers – The official federal site offering interim guidance on COVID-19, including cleaning and disinfection recommendations.

U.S. Chamber of Commerce Coronavirus Toolkit – Customizable media assets, graphics, posts, and more. They can be shared on social media, websites, and additional channels to inform your customers and others.

 

General Information

Baltimore City Health Department – Information, resources, and updates.

Centers for Disease Control and Prevention – Information, resources, and updates.

Johns Hopkins Coronavirus Resource Center – Information, resources, and updates.

The Office of the Governor of Maryland – Information, resources, and updates.

Baltimore City COVID-19 Food Distribution Sites – This application shows which Baltimore City sites are serving as food distributions locations during the COVID-19 related school closures and other social distancing measures.

10 thoughts on “Baltimore Community Lending”

  1. I have this project and I was told that this company is who to contact for help. My project are two small company that I would like to operate under one roof.cone is a for profit the other is a non profit. The amount needed is an estimated $250,000.00.

  2. Can this fund grant me the money I need to rehab my property by Westside Shopping center?

  3. Hi James,

    Unfortunately, we do not provide grants. We are a loan fund for rehabbing property for resale or rental purposes, not personal residential property.

  4. I am interested in acquiring and holding single-family rental properties located in Baltimore City. Does BCL lend on this type of asset? If so, what are the lending parameters?

  5. Do you mind if I quote a few of your articles as long as I provide
    credit and sources back to your webpage? My website is in the exact
    same niche as yours and my visitors would really benefit from some
    of the information you present here. Please let me know if this alright with you.
    Many thanks!

  6. BCL will lend on this type of asset as long as you are also rehabbing the properties. Please contact a loan officer for more information.

  7. Unfortunately, no we do not lend money for homes that have already been renovated. All of our loans have a rehab component

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