MICRO-ENTERPRISE LOAN PROGRAM (MD DHCD)
FSC First is a designated Fund Manager for the Maryland Department of Housing & Community Development (MD DHCD). Eligibility includes leasehold improvements, equipment purchases, working capital expenditures, and human capital increases for the purpose of expanding an established business and feasible start-up.
The Micro-Enterprise Loan Fund – MD DHCD is designed to provide micro loans to businesses located in sustainable communities designated by the Maryland Department of Housing and Community Development. Eligible uses are leasehold improvements, equipment purchases, working capital expenditures, and human capital increases for the purpose of expanding their established business and feasible start-ups.
- Collateral: Business and Personal Assets
- Personal Guarantees required
- Available to home-based businesses based on FSC First’s approval
- Now available to businesses located in Priority Funding Areas (PFA’s) and Sustainable Communities Statewide
Ranging from $5,000 – $50,000
2 to 5 year maximum term
Wall Street Journal Prime Rate plus up to 6%