If you are planning on starting a new business or hoping to grow the business you currently own, there is a very good chance you’ll need some type of funding to get to next steps. There are many financing options available, but before you leap into the land of lending, take some time to research the following questions:
How Much Money Do I Need to Start?
No two businesses are exactly alike. Even in a franchise business, the money needed for startup funds can vary from location to location. Before you can begin to look at financing sources, it’s important that you understand what your financial needs will be. This might include ‘seed’ money, to help cover the costs of doing business in the first few months of operation, as well as funds to cover ongoing fixed expenses (rent, utilities, administrative costs, etc.) and variable expenses (inventory, shipping costs, sales commissions, etc.). Here are some tools to help identify your financial needs:
- The Small Business Administration (SBA) offers tips on estimating startup costs.
- Business Know-How offers a business startup cost calculator to estimate costs.
What Does My Financial World Look Like?
Just like no two businesses are alike, no two businesses will have identical financing needs. The money you might need as a startup business may be different from what a more established business will use. Are you a retail business? A manufacturing company? The type of industry sector your business is in might also affect the type of financing you can use. The more you understand about your industry and current financial needs, the easier it will be to identify the programs that make the best fit. The Small Business Administration offers a free video course on Financing Your Business.
What Will a Lender Need to Know?
Unless you’ve discovered you can totally fund your business by using your own money, chances are you’ll be approaching a lender or investor for financing. Here’s some key factors a traditional lender may look at when evaluating your loan. In addition to what a banker may look for, a private investor may have additional questions before considering financing.
What Financing Programs Are Available?
Now that you’ve taken some time to get a better picture of your financial needs, the next step is finding out what financing opportunities might work best for your business. There are many types of loans you may qualify for, or you may decide to borrow from people you know.
Below are links to some local resource organizations that provide financial resources for Baltimore area entrepreneurs:
Baltimore Small Business Resource Center is the City of Baltimore’s One-Stop-Shop for persons seeking to start and grow a business. Our goal is to make Baltimore City America’s most entrepreneurial city. We provide training, counseling and resources to strengthen the entrepreneurial ecosystem. We also assist companies seeking help from the City to navigate the services available.
Baltimore Community Lending, a non-profit CDFI, is a real estate lender for commercial and builder businesses. We provide construction and mini-permanent loans for Investment properties – homes for sale/rent, apartments, and commercial/mixed-use buildings.
Cyprium Partners (Cyprium) is a private investment firm that makes non-control investments in profitable middle-market companies, allowing company owners and their management teams to retain controlling interest in their business after we invest.
Micro Lender that supports and works hand in hand with small business owners in order that they may succeed and prosper. Business loans from $500 to $50,000 and credit builder loans of $500. Counseling for Start-ups and those in need of credit repair.
For nearly two decades, the ETC has provided a nurturing, innovative, and transformative experience for technology-focused entrepreneurs who are passionate about their businesses, motivated to succeed and committed to making a difference. Discover what the ETC can offer you — and what you can offer the ETC.
Harbor Launch at the Institute of Marine and Environmental Technology (IMET) is a startup incubator and community for science and science support companies. Focus: Life Science / Biotechnology Startups. Wet labs, office space, coworking.
There’s an art and science to scaling a company, and it’s a process made easier with partners who have successfully done it before. We’re partners, but more than that, we’re patrons to your vision.
ABOUT THIS LOCATION
At HUB Baltimore we offer flexible and affordable workstations and office amenities to individuals and groups. Floor 2 of 217 N Charles St. provides fully furnished work stations, dedicated offices, large private offices, and conference rooms for rent at affordable monthly prices. Enjoy a natural sunlit work space with exposed brick and modern furnishings.
The mission of Innovation Works (IW) is to reduce Baltimore’s neighborhood and racial wealth divide by teaching and accompanying members of disinvested communities to build and own successful social enterprises that create sustainable neighborhood economies and result in better family living, more resilient communities, and a safer, more vibrant city.
InvestEd is a Baltimore-based Registered investment Advisory Firm (RIA) that believes everyone should have the opportunity to reach their financial goals. InvestEd provides free financial education, free financial planning and fee-only investment advising.
Baltimore Corps and Kiva have partnered to offer the Greater Baltimore Region with access to 0% interest loans up to $10,000 through Kiva Baltimore. Kiva’s community is passionate about helping entrepreneurs in our city–with over a million lenders, corporate sponsors, and our network, we will help you find the resources you need to grow your business.
LEDC is a nonprofit organization that equips entrepreneurs and small business owners with capital and technical assistance / LEDC es una organización sin ánimo de lucro que apoya emprendedores y empresarios con asistencia técnica y microcrédito.
Launch Towson is centrally located in the heart of Towson, MD. Just three blocks from Towson Town Center, Cheesecake Factory, Bahama Breeze, Stoney River, & Bonefish Grill. A weekly farmer’s market across the street keeps the area buzzing with activity and is only a short ways from Towson University. Launch offers 24 hour access, internet, mail services and more! Launch Towson has the services and amenities to help your small business grow!
210 West Pennsylvania Ave
Towson, MD 21204
Our story began in 2014 with a mission to make small business accessible to everyone. We saw promising small business owners in undeserved communities struggle to get approved for the funding. They needed to grow, and decided to become the solution. We discovered it was possible to offer the latest fintech with a quick, online application process and also connect with our applicants in a real way, learn their stories, and make their dreams a reality. Our TEAM leaders have prior experience at banking and corporate institutions including Bank of America, Chase, CIT, Comerica, Disney, Intuit, Morgan Stanley, Securities & Exchange Commission and Wells Fargo, providing our company with a solid foundation of responsible credit culture. Lendistry offers small business term loans and lines of credit with responsible rates, transparent terms and fast delivery. Some of our clients have used our small business loans for equipment, opening an additional location, meeting inventory needs for large orders, marketing to reach a broader base of customers, adding online sales to their brick-and-mortar stores, implementing technology to stay ahead of the competition, and covering the day-to-day costs of business.
Maryland Capital Enterprises Inc. provides small business loans, business counseling & education, and helps to develop business plans to assist entrepreneurs who start, expand, or purchase businesses.
The Maryland Department of Commerce stimulates private investment, creates jobs, attracts new businesses, encourages expansion and retains existing companies. It also provides financial assistance to Maryland companies.
Welcome to the Maryland Insurance Administration. The agency’s goal is to provide efficient, effective service to both the consumers of insurance products and the insurance industry. Th?e Maryland Insurance Administration best serves its core constituents by assuring fair treatment of consumers. This consumer protection begins by regulating the availability of insurance coverage at fair prices and extends to issues of solvency and fair sales, claims and settlement practices.
TEDCO was created to facilitate the transfer and commercialization of technology and to assist in the creation and growth of technology-based businesses in all regions of the State.
The Maryland Small Business Development Financing Authority (MSBDFA) was created by the Maryland General Assembly in 1978 to assist in the development of socially or economically disadvantaged entrepreneurs in the creation of Maryland businesses.
NEA started nearly 40 years ago with a big idea: to create an enduring venture capital firm that would help exceptional entrepreneurs build transformational businesses.
Novak Biddle Venture Partners provides equity financing and assistance to early-stage, information technology companies principally located in the Mid-Atlantic region. Our mission is to help build successful, long-term, sustainable companies.
Operation HOPE provides complimentary financial literacy education and empowerment programs and services to youth and adults in the Baltimore area HOPE Inside is a unique empowerment model that brings free financial dignity programming to underserved communities.
TEDCO and the Maryland Venture Fund makes $50,000 – $2,000,000 investments in seed and early-stage companies based in Maryland. We are dedicated to funding and growing the next generation of outstanding businesses in Maryland. We are an experienced team with significant operating and venture experience whose focus is on making the entrepreneurs successful. With more than $100M in assets under management, we partner with exceptional entrepreneurs and help them build valuable companies that last.
The Foundation funds nonprofit organizations located and active in Maryland. Our focus is on Baltimore City, with more than 95 percent of our grants being awarded to organizations in the Baltimore metropolitan area.
TU Incubator is Towson University’s business incubator for seed and early stage companies. Primary goals are to support regional entrepreneurs and induce mission-driven innovation in industries such as education (edtech) and healthcare.
Venturize is an online resource that puts the power in your hands to feel good about your loan options, access responsible capital, and discover possibilities you didn’t know existed. It’s not a lender – but a program from Small Business Majority, a non-profit organization whose mission is to provide entrepreneurs with the education and resources they need to thrive.
Use our clear, trustworthy information and mobile-friendly tools – no strings attached. We’re here for one simple reason – to help you borrow confidently.
Will Holmes Consulting is a MBE certified, business management and technology consulting firm with offices in Baltimore, Maryland and Los Angeles, California. We develop technology, training, marketing and business process solutions for government agencies, non-profit organizations, universities and new and growing companies in North America, Africa and Asia.
Still have questions?
Of course, if you have questions on financing options and would like to visit with someone, call us at 410-984-3337. We can answer your questions and connect you to the resources you need.