Coronavirus (COVID-19): Relief options and Additional Resources
CLICK HERE Close

Small Business Assistance Package for Baltimore, Maryland

Securing Access to Capital:

Will provide $1.25 million in SBA Microloan capital, with up to $800,000 directed specifically towards Baltimore, to Maryland Capital Enterprises (MCE), subject to MCE raising the 15% matching funds required by the Program. Our Microloan Program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. Generally speaking, Microloans play an important role in communities where access to conventional lending remains a challenge. MCE can be reached at (410) 546-1900 or http://www.marylandcapital.org

Offer disaster assistance to residents of the City of Baltimore and surrounding Anne Arundel and Baltimore counties affected by the civil unrest that occurred between April 25 and May 3, 2015. Whether you rent or own your own home, own a business or a small agricultural cooperative, you may be eligible for low-interest disaster assistance loans if you suffered an economic or physical loss. Please do not delay, application deadlines and other restrictions apply. Contact the SBA Disaster Assistance Customer Service Center at 1(800) 659-2955, (deaf and hard of hearing should call 1(800)- 877-8339); email at disastercustomerservice@sba.gov; or visit www.sba.gov/disaster.

Increasing Educational & Training Opportunities:

Award a Discretionary Program for Investment in Micro- entrepreneurs (PRIME) grant of up to $100,000 to Maryland Capital Enterprises (MCE) for the purpose of providing training and technical assistance to disadvantaged entrepreneurs impacted by the events occurring in Baltimore. MCE can be reached at (410) 546-1900 or www.marylandcapital.org

Award a Discretionary PRIME grant of $100,000 to Harbor Bank of Maryland Community Development Corporation—the nonprofit subsidiary of Harbor Bankshares Corporation. The PRIME grant award will provide training and technical assistance to disadvantaged entrepreneurs to enable the bank holding company to do more SBA lending in the affected area. For training, please contact Harbor Bank CDC at (443) 923-0540 or www.HarborCDC.org; for loans contact (410) 528-1801 ext. 3004 or TheHarborBank.com

Will provide the Maryland Small Business Development Center (MDSBDC) Corridor Region with $253,308 in supplemental funding over 15 months in order to expand their capacity to provide training and technical support to local small business owners. MDSBDC can be reached at (301) 403-0501 or www.mdsbdc.umd.edu

Increasing Federal Contracting Opportunities:

For over 17 years, the HUBZone Program has helped small businesses in historically underutilized economic areas located in urban and rural communities gain preferential access to federal procurement opportunities.SBA is planning a Destination HUB Opportunity Forum for Baltimore that will promote and support localHUBZone firms as they go after federal contracting opportunities. We will bring together local economicdevelopment boards, government officials, federal buyers, and prime contractors in order to find ways toincrease the sole-source and set-aside awards to HUB Zone firms.

Award QCM Consulting, Inc., a local Maryland firm, a $100,000 grant to provide educational and technical services procurement training to firms in the Baltimore area.

Increasing Investment in Technology Opportunities:

Conduct Accelerator Outreach: In 2015, SBA is awarding $4 million to accelerators in order to continue building the support structure needed. We will caucus with accelerator/incubator labs in the Baltimore area to have a discussion regarding the SBA’s Accelerator Competition, as well as the opportunities available for accelerators to blossom.

Convene a Roundtable with Small Business Investment Companies: A roundtable discussion with money managers, private equity firms and banks is planned to discuss the Small Business Investment Company (SBIC) Program and how small businesses can get involved. We will discuss and encourage these fund managers to find ways to invest in small businesses within the city of Baltimore.