Micro loans are smaller loans, made to eligible borrowers in amounts that range from $5,000 to a maximum of $30,000. They were created because traditional lending institutions have typically not made such small loans. Additionally, the lending criteria for a micro loan may not be as stringent as those established by commercial lending sources. This has made it possible for funds to be available to women, low-income and minority entrepreneurs, small business owners, and other individuals possessing the capability to operate successful businesses but lacking in areas such as perfect credit or personal assets. Loan proceeds can be used for working capital, equipment, furniture and fixtures, inventory, and leasehold improvements. The proceeds cannot be used to refinance existing debts.
Contact the Small Business Resource Center in Baltimore for assistance in determining if a micro loan is right for you at 443-451-7160 or at www.sbrcbaltimore.com. Or, contact the Baltimore Development Corporation at [email protected] or call 410-837-9305.
Below are links to some local resource organizations that provide micro lending resources for Baltimore area entrepreneurs:
Baltimore City Small Business Resource Center
Specializes in: Micro Loans
Baltimore Community Lending
Specializes in: Micro Loans
Baltimore Corps
Specializes in: Micro Loans
Kaetlyn Bernal
Phone: (520) 784-3946
Website
2401 Liberty Heights Ave
Suite 2730
Baltimore, MD 21215
City of Baltimore Development Corporation
Specializes in: Micro Loans
Enterprise Development Group
Specializes in: Micro Loans
Innovation Works
Specializes in: Micro Loans
Latino Economic Development Center
Specializes in: Micro Loans
Lendistry
Specializes in: Micro Loans
Maryland Capital Enterprises, Inc.
Specializes in: Micro Loans
Maryland Department of Commerce
Specializes in: Micro Loans
Venturize
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Specializes in: Micro Loans
Will Holmes Consulting WHC
Specializes in: Micro Loans
Baltimore County Small Business Resource Center
Community Wealth Builders
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.