Low-Interest Recovery Loans For Baltimore Small Businesses
Baltimore's hair salons, barbershops, childcare centers, and arts-based small businesses are eligible for loans at a 3% interest rate, thanks to a grant from Wells Fargo's Open For Business Fund. The funding will enable BCL to provide short- and long-term COVID-19 recovery efforts, technical assistance, and micro-lending programs to these industries.
Baltimore Community Lending (BCL) is pleased to announce its acceptance as an intermediary lender for the U.S. Small Business Administration (SBA) Microloan program. Through the program, small businesses in Baltimore City can apply for up to $50,000 at an interest rate of 7.25%. Funds can be used for working capital, inventory, supplies, and equipment.