If you’re a small business in Baltimore, you’ll certainly want to take note. In recent news, Baltimore just announced a new loan program for small Baltimore businesses. The program is called the BaltimoreMICRO and it will offer loans of $5000-$30,000 to businesses with less than $1 million in annual revenue and with a personal credit score of at least 650.
As Rawlings-Blake said in the press release for the new loan program, “Baltimore’s neighborhoods that have experienced growth and revival in the past few years are known not only for their unique homes and character, but also for their small businesses, including stores and restaurants. They bring residents together and create a buzz that attracts people from throughout the region. We want that to happen in more of Baltimore’s neighborhoods, and we must do what we can to support that.”
The loan is being administered through the Baltimore Development Corporation and is funded with a $250,000 grant from the Maryland Department of Business and Economic Development and with $125,000 in assistance from the city.