Maryland, Baltimore City to fund small business loan program
Since its launch in 2012, the BaltimoreMICRO Revolving Loan Fund has issued 13 small business loans, representing a total of $285,000. The recipients, Baltimore City entrepreneurs who may not have access to traditional funding, receive necessary working capital for operations and purchases, including machinery and equipment.
The Maryland Department of Business and Economic Development (DBED) has announced it will support the continuation of the fund through a $250,000 grant to the City of Baltimore Development Corporation (BDC). DBED previously contributed a $250,000 grant at the program’s launch.
The City of Baltimore, in the One Maryland Tax Credit program jurisdiction, is also contributing $125,000 in matching funds to the program.
“Small businesses are job creators,” BDC President and CEO Brenda McKenzie said in a statement. “BaltimoreMICRO aids in the development and expansion of small businesses, providing critical financing needed to support job creation and stabilization of existing employment opportunities in the City of Baltimore.”
“The State is pleased to continue to support BaltimoreMICRO, which is helping stimulate our economy, create and retain jobs and connect our small businesses with much-needed financing that they may not be able to access from traditional sources,” Maryland’s Secretary of Business and Economic Development Dominick Murray said in a statement. “We look forward to helping even more small businesses obtain the funding they need to grow and thrive.”