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SMALL BUSINESS


Loan Amounts

  • Emerging Loan: Up to $50,000 for startups, emerging and existing businesses

  • Growth Loan: Up to $150,000 for growing businesses that have been operational for 2+ year

 

Interest Rate

Currently, the interest rate is fixed at 9.25% with a special rate of 7.25% for businesses that are at least 20% women-owned.

 

Loan Term

Loan terms range from:

  • 3 to 7 years for Emerging Loans
  • 5 to 10 years for Growth Loans
SMALL BUSINESS APPLICATION

Loan Eligibility

Location

The business must be headquartered or have its primary office in Baltimore City.

Technical Assistance (TA) Requirement

All applicants must complete an approved Technical Assistance small business training program prior to submitting a completed application. The one-on-one TA is free and customized to each borrower’s level of knowledge, experience, and availability.

Collateral and Personal Guarantees

We provide capital to entrepreneurs who may or may not have sufficient collateral or equity to qualify for traditional loan resources. Appropriate collateral depends on many factors such as loan amount, purpose, financial and credit worthiness, just to name a few. All factors will be analyzed to determine if collateral is required. BCL works closely with banks and other financial institutions when a business has financing needs beyond the scope of their conventional loan products. We will work with your bank by filling the gap between traditional banking services and an entrepreneur’s short and long-term borrowing needs. Personal Guarantees are required of all business owners with a 20% or more ownership interest in the business. Co-signers will also be considered.

Credit Requirements

Borrowers must have a reasonable credit record with consistent payments for a period of at least 1 year prior to application; no bankruptcies that have been discharged within the last 2 years, and no outstanding tax debts that are not part of a repayment plan.

Restrictions

Loans cannot be made to businesses in the adult industry, bars and packaged goods/liquor stores, gas stations, or establishments storing or handling hazardous materials.

Use of Funds

Small business micro loans up to $150,000 are available to business owners in Baltimore City for existing and new ventures and the proceeds can be used for, but are not limited to, working capital, expansion, purchase of fixed assets, business acquisitions, leasehold improvements, and to restructure debt.

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