Baltimore County incentive program has given out $1.4 million to local businesses.
Could Your Small Business Benefit from a Baltimore Boost Fund Loan?
If your small business or startup could use a funding boost, consider applying for a loan through Baltimore County’s Boost Loan Fund program.
The program offers flexible loans ranging from $50,000 to $250,000 for small businesses, minority-owned businesses, women-owned businesses and veteran-owned businesses. The funds—which are generated by revenue from Maryland’s video lottery terminals—can be used for start-up funding, gap funding, building improvements, equipment acquisition, leasehold improvements, business acquisition, working capital and commercial real estate acquisition. Since its launch in October 2014, Boost Loan Fund has approved more than $1.4 million in loans to key job creators in important industries, such as manufacturing, biotech, educational technology and software.
To apply, you must be classified as a small business by SBA standards, have a personal credit score of 575 or higher, provide collateral as security for the loan and provide personal guarantees. The loans have a reduced down payment, interest rates at or below market rates, 20-year terms and individually customized payment plans to work with your business.
Previous loan recipients have praised the program for its straightforward, streamlined process and the fact that it’s focused on helping businesses grow and succeed.
Baltimore County also offers a variety of other loan programs for small businesses, including the Advanced Technology Loan Fund, Small Business Loan Fund, Business Growth Loans, Building Improvement Loan Program and Tax-Exempt Bond financing.