At Baltimore Community Lending, we believe in entrepreneurs.
That's why we offer small business loans and micro-loans to startups and entrepreneurs who have a good business model and reasonable credit, but lack collateral or face other barriers to traditional financing.
Our flexible lending criteria means we can support a variety of needs, and our financing is often pivotal to determining whether a project moves forward or not. We also partner with institutions to meet the needs of various small business owners.
All applicants must complete BCL’s small business training requirements and submit a written business plan with accurate and reasonable financials. Our dedicated, locally-based small business team provides comprehensive, ongoing support throughout the entire loan process.
Benefit from our technical assistance and capacity-building trainings, and our innovative and flexible financial assistance, to make your vision a reality. For more information about our Small Business Loan program, including detailed application requirements, contact Small Business Loan Associate Jaclyn Whitley at smallbusiness@bclending.org or by phone at 410-319-0732.
Emerging Loans for startups, emerging or existing businesses.
- $10,000-$50,000
3-6 year terms
Growth Loans for entrepreneurs in business for at least two-years.
- $50,000-$150,000
5-10 year terms
Interest rates range from 7.25% - 9.25%
Funds made be used for business purposes only, such as:
- to purchase inventory, supplies, and materials
- to build-out a leased or owned business office or retail space
- to purchase or lease furniture fixtures, machinery, and equipment
- for operating capital
- All owners of 20% or more of the business must sign a personal guarantee.
- Borrowers cannot have a bankruptcy that was resolved less than two years ago.
- Borrowers cannot have an outstanding debt to the IRS unless they have entered into a written repayment agreement with the IRS.
At BCL, we put a lot of focus on owner experience and the management team, especially for startups. Business and owner credit history matters, but we don’t have a credit score cutoff number—we look at the applicant’s whole story.
All businesses must submit a business plan and business financials, including tax returns and bank statements. Each business owner and guarantor must provide personal financials as well. We charge an application fee of $100, and a credit report fee of $40 for each owner and guarantor.
