Maryland New Start Microloan Program

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The Maryland New Start Microloan Program ("Program") is a financing resource operated by the Department of Commerce, with support from the Governor's Office of Small, Minority, and Women Business Affairs and the Maryland Department of Labor. The purpose of the Program is to provide $50,000 in no-interest loans to covered individuals for the purpose of starting a small business. The qualifications for the Program and eligibility requirements were established by the Maryland General Assembly pursuant to the passage of HB 158, Chapter 485, Acts of 2022. ELIGIBILITY Qualifying Applicants

An applicant must be referred to Maryland Commerce by an organization operating entrepreneurship development programs under the New Start Grant Program to be eligible for a loan from the Program. The following are the qualifying entrepreneurship development programs. You may contact these programs for questions and program information. Tri-County Council of Southern Maryland Belinda Denton, Business Engagement & Development Manager 443-624-2402 (mobile), email: bdenton@tccsmd.org St Mary’s County, MD Pathways to Excellence, Inc. Erica Roberts, Executive Director 301-232-6746, email: director@pathways2x.org Prince Georges County, MD X Is Possible, LLC Erica M. Roberts, President, CEO, and Principal Consultant 301-464-1494, email: erica@xispossible.com Prince Georges County, MD Perspectives Partnership, Inc. Marcus Bullock, Executive Director 240-814-2147, email: marcus@perspectivespartnership.org Montgomery County, MD Building Blocks Services, LLC Dr. Heather Lamb, CEO 1.800.493.0997, email: Hlamb@BuildingBlocksServices.com Baltimore City, MD

To qualify for a loan from the Program, applicants shall: Be recommended by an entrepreneurship development program that received a grant from the Maryland Department of Labor; and Be a “covered individual” as defined in Chapter 485. Covered Individuals- A covered individual means an individual who: Has been convicted of a criminal offense; Has completed a term of imprisonment in federal prison, or a State or local correctional facility; or Is approved for release by a correctional facility for the purpose of participating in a training program; and Meets the offense eligibility requirements put forth by the SBA for the Federal Microloan Program, as defined below.

_SBA Offense Eligibility Requirements for Federal Microloans_

Effective July 15, 2015, businesses with an associate on parole or probation are eligible to receive SBA microloans except if the offense: Involved fraud or dishonesty; or In the case of a childcare business, involved an offense against a child.

Offenses involving fraud and dishonesty include, for example, larceny, theft, embezzlement, forgery, misappropriation, wrongful abstraction, conversion, counterfeiting, willful misapplication or any other fraudulent or dishonest acts resulting in financial loss. Qualifying Capital Expenses

Loans may only be used for capital or operating expenses related to starting a new business, including, but not limited to: Rent or purchase of business location Machinery or equipment required to operate a business Business license fee or permitting costs Purchase of materials and supplies needed to open a business. LOAN TERMS Loans do not have application fees or interest. Loan proceeds must be used to start a business in Maryland. Collateral may not be required to qualify for a loan. BENEFITS No-Interest No prepayment penalty Credit history may not disqualify an applicant. APPLYING

Applications may be obtained by completing entrepreneurship training through a…

Topic areas: Social Innovation and Community Development, Workforce Development.

Funding amount

This grant provides Varies in funding.

Deadline

Applications are accepted on a rolling basis; there is no single fixed deadline.

Who can apply

This opportunity is open to the following applicant types:

• Not specified by the program.

Eligibility

The program did not publish a separate eligibility statement. See the official opportunity page for the full eligibility criteria.

Agency

Maryland New Start Microloan Program is administered by Maryland Department of Commerce (MD Commerce), listed via Maryland Department of Commerce.