SMALL BUSINESS LOANS

One of the major barriers for today's small businesses is access to capital. Without sufficient capital, many small and micro businesses find it hard to open their doors. In need of small loans, but with little credit history or collateral, micro entrepreneurs within low-income populations find funding inaccessible.

Lack of credit, business training, and difficulty in defining the market, present other barriers to development, success and growth. Most banks cannot make a profit on loans under $25,000. Many hard-working entrepreneurs with good ideas have no one to help them start a business-unless there is a microenterprise development provider nearby.

How To Qualify For An MCE Loan?

• Must be a micro business with at least 5 or fewer employees.
• Must be a micro business with a capital need of less than $35,000 for start up businesses.
• Must have at least tried to receive small business financing through a traditional lending source such as a bank and been turned down due to reasons of credit, collateral etc.
• Must be a small business operating in counties of Wicomico, Somerset, Worcester, Talbot, Dorchester, Caroline, Kent and Queen Anne's counties of Maryland.
• Must be a start up business owner or existing business owner with a clearly established business idea and business plan.

To apply for a loan through MCE's program, complete our Loan Application Checklist.