Micro-enterprise Loan Program awards $1M to expand smallest business opportunities
10/15/2014, 6 a.m.
CROWNSVILLE, Md. Two community-based micro-enterprise lenders received $500,000 loans through DHCD's Micro-enterprise Loan Program to help create new opportunities for entrepreneurs in revitalizing communities throughout the state.
Maryland Capital Enterprises, Inc. and the Anne Arundel Economic Development Corporation will serve as intermediaries that originate and administer micro-enterprise loans. DHCD's local partners understand their local economy and can provide micro-entrepreneurs with easier access to training and technical assistance. This new public-private partnership will provide better access to capital for establishing and sustaining micro-businesses.
Small business ownership traditionally has been a path to the middle class - particularly for minorities, immigrants and the economically disadvantaged. Very small businesses, or micro-enterprises, are a key job creation strategy in under-served communities.
Maryland's Micro-enterprise Loan Program expands opportunities for micro-enterprise development, creates new opportunities for small business development and sustains local economies. The program is designed to provide entrepreneurs with flexible financing for micro-enterprise start-ups and expansions within designated Sustainable Communities throughout the state.
Maryland Capital Enterprises, based in Salisbury, empowers businesses to grow, create jobs and generate wealth on Maryland's Eastern Shore and across the state. It offers business owners access to the resources they need to start or grow their business in Anne Arundel, Baltimore, Caroline, Dorchester, Kent, Queen Anne, Somerset, Talbot, Wicomico and Worcester counties and Baltimore City.
The mission of the Annapolis-based Anne Arundel Economic Development Corporation is to support business and serve as a catalyst for business growth in Anne Arundel County thereby increasing job opportunities, expanding the tax base and improving quality of life.