History of Maryland Capital Enterprises, Inc. (MCE)

The Microenterprise Movement started in the 1970’s as a philanthropic program to fund small businesses in poor Latin American villages. The program successfully improved the standard of living of the disadvantaged people. A small loan could provide jobs, growth and even relative prosperity for a village. In the United States microenterprise development started informally in the 1980’s and formally organized in 1991 with the founding of the Association for Enterprise Opportunity (AEO).

The idea for the organization stemmed from the obvious need for more jobs and economic development for the disadvantaged on the Eastern Shore of Maryland. The local community recognized the fundamental ability of people to apply their individual talents, creativity and hard work to better their lives, despite gender, race or economic scale.

Maryland Capital Enterprises, Inc. (MCE) was incorporated in March 1998. MCE later obtained 501(c)(3) status and startup funding was secured from the UMES Rural Development Center (RDC). The first executive director was hired in March 1999 and program implementation began.

MCE provides services to self-employed small business owners who are committed to their businesses, but who otherwise lack the collateral or credit history that virtually denies them access to conventional loans and other financial products. Services include business loans, business credit development, business education, and opportunities to network with peers.

Highlights of Maryland Capital Enterprises: • December 2001 - certified by US Department of Treasury as a Community Development Financial Institution (CDFI). • 2003 - MCE was granted certification as an "SBA Intermediary Lender" for the State of Maryland. • 2007 - MCE was granted certification as USDA’s Intermediary Lender (IRP) giving it the ability to lend up to $50,000 to existing business owners.