What is Micro Lending and Who Can Use It

Micro Lending

Micro Lending is the extension of very small loans (microloans) to the unemployed, to poor entrepreneurs and to others living in poverty that are not considered bankable. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit. Microcredit is a part of microfinance, which is the provision of a wider range of financial and support service to the low-to-moderate income individual living in a rural community and wanting to start his/her own small business. Microcredit goes hand in hand with Microenterprise Development.

Microenterprise Development

Microenterprise Development is a financial innovation which originated in Bangladesh. It offers counseling, training and loans to a business that employs fewer than 5 individuals, who needs less than $35,000 in start up capital and do not have access to traditional lending sources such as banks.

Maryland Capital Enterprises, Inc. (MCE) provides funding to the smallest start up business owner. Our target market is compromised of individuals and families residing in the following counties:

Wicomico, Worcester, Somerset, Dorchester, Talbot, Queen Anne's, Caroline and Kent Counties
on the Eastern Shore of Maryland.

Who can use Microcredit?

Microcredit can be used if you are currently self-employed and need capital to expand your business; have an idea for a start up business, want to expand your business beyond your home; need financial, marketing and management support with your business; need small business training; need a loan for purchasing equipment or for working capital; have been denied a business loan from traditional lenders; have limited credit and little collateral.

Schedule an appointment with MCE's trained Business counselors!