Maryland’s strategic location and thriving economy make it an ideal place for small businesses to grow. Whether you’re starting a new venture or expanding your current operations, finding the right funding is essential. Fortunately, Maryland offers a variety of government programs, non-profit loans, and local lenders tailored to the needs of small business owners. Here are 20 ways to secure small business loans in Maryland:
Government Programs and Non-Profit Loans
1. Maryland Small Business Development Financing Authority (MSBDFA)
The MSBDFA provides loans, guarantees, and equity investment to small businesses that cannot access financing from the conventional sources. The program targets underserved entrepreneurs.
2. Maryland Economic Development Assistance Authority and Fund (MEDAAF)
MEDAAF is financing working capital, purchase of equipment, and expansion of a business with a focus on economic development within the state.
3. Neighborhood BusinessWorks Program
Administered by the Maryland Department of Housing and Community Development, this program provides flexible financing to businesses in designated revitalization areas.
4. Maryland Technology Development Corporation (TEDCO)
TEDCO assists with loans, grants, and equity investments for tech-based startups and small businesses. The firm supports innovative businesses looking to scale.
5. Small Business Administration (SBA) Loans
The SBA Maryland District Office provides SBA-backed loans such as 7(a), 504, and microloans with favorable terms for Maryland entrepreneurs.
6. Baltimore Development Corporation (BDC)
The BDC offers financial support, such as grants and loans, to small businesses that help in Baltimore’s economic growth.
7. Maryland Capital Enterprises (MCE)
MCE has focused on microloans and small business loans to underrepresented entrepreneurs, mainly in rural Maryland.
8. Prince George’s County Economic Development Incentive Fund (EDI)
The EDI Fund gives small businesses loans and grants for growth and job development in Prince George’s County.
9. Montgomery County Economic Development Corporation (MCEDC)
MCEDC connects small businessmen and women with funding options while providing technical assistance and building their business.
10. Southern Maryland Minority Chamber of Commerce Loans
SMMCC bridges gaps between minority-owned companies in terms of loans access for them while offering mentors together with business support resources.
Find the right loan product for your business.
Local Bank and Credit Union Loans
11. Sandy Spring Bank
Sandy Spring bank lends to small businesses; particularly those in Maryland offering loan and lines of credits.
12. M&T Bank
M&T Bank offers business loans of various types, such as working capital loans, SBA-backed loans, and lines of credit to Maryland business owners.
13. Howard Bank
Howard Bank focuses on financing small businesses by providing flexible loan options and personalized financial services.
14. SECU Credit Union
SECU offers business loans, including commercial real estate loans and SBA-backed financing options, to Maryland-based businesses.
15. PNC Bank
PNC Bank provides competitive loan products, such as equipment financing and lines of credit, for small businesses in Maryland.
Alternative and Specialized Funding
16. Crowdfunding Sites
Kickstarter and Indiegogo are online sites where Maryland entrepreneurs can finance new and community-based endeavors directly from their supporters
17. Angel Investors and Venture Capital
Baltimore Angels offer to connect start-ups to the angel investors who raise their equity to fuel their growth.
18. Renewable Energy Business Loans
Enterprises that have invested their businesses in renewable energy or any other energy-saving technology qualify for financing from programs that focus on sustainable practice, for instance, the Maryland Energy Administration.
19. Maryland Women’s Business Center (MWBC)
MWBC offers loans, mentorship, and training designed to benefit women entrepreneurs in the state of Maryland.
20. Economic Development Loans
The majority of Maryland municipalities also offer economic development loans as well as grants for businesses that benefit local growth and development. For more details, reach out to the economic development office in your city.
Conclusion
Securing small business loans in Maryland is achievable with the right resources and preparation. From government-backed programs like MSBDFA to non-profit lenders such as MCE, Maryland offers a wealth of opportunities to meet the needs of entrepreneurs. Resources like the Maryland SBDC and TEDCO provide invaluable guidance for navigating the funding process.
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