Mayor Rawlings-Blake Touts Success of BaltimoreMICRO
Wednesday Oct 2nd, 2013
FOR IMMEDIATE RELEASE
BALTIMORE, Md. (Oct. 2, 2013) — Today, Mayor Stephanie Rawlings-Blake highlighted the growth and success of two local businesses (The Charmery and Lucky Cup Espresso Coffee Truck) that have received a total of $45,000 in funding through BaltimoreMICRO, a micro-lending program established by the mayor’s administration that targets small, local, minority-, and women-owned businesses. The program received $125,000 from the City of Baltimore and additional funding from the State of Maryland.
Through BaltimoreMICRO, Mayor Rawlings-Blake has partnered with the Baltimore Development Corporation (BDC) and the Small Business Resource Center (SBRC), to stimulate employment, assist small businesses in obtaining fixed-rate financing, and encourage private sector investment in Baltimore City. Currently, BDC administers the loan fund.
“I am committed to making sure Baltimore is a welcoming environment for small businesses,” said Mayor Rawlings-Blake. “When they thrive and prosper, our economy is stronger. I created BaltimoreMICRO to assist small businesses that are unable to secure loans through traditional financing. As we move forward, my administration will continue to take steps that make opportunities for growth even more accessible to small businesses.”
BaltimoreMICRO establishes a Micro Revolving Loan Fund (MRLF) that provides critical financing when access to credit is limited, supporting the development and expansion of local businesses and other special initiatives. The micro loans provide emerging businesses with financing for working capital and investment purchases.
Extended to small businesses with the potential to grow or create jobs, the micro loans range from $5,000 to $30,000 and require repayment within a loan term not to exceed seven years. The principal and interest from loan reimbursements will replenish and sustain the MRLF, allowing for the issuance of additional loans to other small businesses and new ventures.
BaltimoreMICRO loan applicants must be a sole proprietor, partnership, corporation, or limited liability corporation with a personal credit score of 650 or higher. Baltimore City small businesses are eligible, including retail companies, service providers, and contractors. Priority is given to small business ventures that are part of a greater revitalization strategy and aim to strengthen neighborhood commercial districts. Eligibility is reviewed by SBRC and BDC.
For more information about the BaltimoreMICRO MRLF, visit http://www.baltimorecity.gov/BaltimoreMICRORevolvingLoanFund.aspx.