BALTIMORE, MD. – August 13, 2021 – Baltimore Community Lending (BCL) is pleased to announce its acceptance as an intermediary lender for the U.S. Small Business Administration (SBA) Microloan program. Through the program, small businesses in Baltimore City can apply for up to $50,000 at an interest rate of 7.25%. Funds can be used for working capital, inventory, supplies, and equipment.
The SBA provides funds to designated intermediary lenders that are nonprofits, have experience issuing and serving microloans, and have experience providing training for small businesses. BCL will offer the SBA Microloan funds as an expansion of BCL’s existing loan program, which provides capital to startup and emerging small businesses located in Baltimore City that are unable to get a loan from a bank, may not have collateral, and may not be able to meet other typical qualifications for traditional credit. Baltimore Community Lending also provides pro bono coaching to entrepreneurs to help them write a strong business plan, compile and analyze accurate business financials, and understand what is required to operate a business in Maryland. The coaching is customized to each individual business’s needs.
Participation in the SBA Microloan program is expected to expand the capacity of BCL to support even more small businesses in Baltimore, particularly those owned by women and people of color. Since its inception in 2018, BCL’s Small Business Lending division has made 42 loans, disbursing over $2.5 million in Baltimore City neighborhoods.
“We are excited about this opportunity to expand our lending in Baltimore,” said Bonnie Crockett, Director of BCL’s Small Business Lending division. “The SBA Microloan Program is a logical next step in BCL’s growth as it dovetails with our Emerging Loan product in amounts of $10,000 to $50,000, and the SBA’s flexible underwriting guidelines allow us to make loans to small business borrowers who don’t qualify for traditional lending.“
Small business owners interested in applying for an SBA Microloan through Baltimore Community Lending should call 410-319-0732 or email [email protected]
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
About Baltimore Community Lending
With over 30 years’ experience, Baltimore Community Lending (BCL) is a local CDFI that supports the revitalization and strengthening of under-served Baltimore neighborhoods through innovative and flexible financial assistance designed to promote community development. The small business division of BCL addresses the primary barriers to credit by providing flexible loan terms, technical assistance support, and an ecosystem of small business lenders and bankers, while the real estate division works with different types of borrowers and provide financing to develop affordable housing, community facilities, and mixed use developments. Additional information can be found at www.bclending.org.