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, the health of our global economy, and the way we live our daily lives. As we all continue to navigate these unique and evolving challenges, please know that Baltimore Community Lending (BCL) is here with you.
During this time, BCL will continue to review and underwrite loan applications. However, there will be a 90-day (minimum) hold regarding committing to new project loans. We will continue to keep everyone abreast of new details as they arise.
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.
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.
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.
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.
Business Operating Information and Support – National