Additional COVID-19 Loans Now Available for Small Businesses
Governor Hogan has announced a new aid package for businesses suffering from the COVID-19 pandemic which includes $5 million in low interest business loans. Part of a larger relief program which also includes an additional $45 million in grants to businesses that had applied before the April 6 deadline, the $5 million in loans is being designated to Maryland Commerce’s MSBDFA – or the Maryland Small Business Development Financing Authority – which promotes the viability and expansion of businesses owned by economically and socially disadvantaged entrepreneurs.
The new MSBDFA Program – COVID-19 Emergency Relief Loan Fund provides emergency financial relief to eligible businesses that have experienced economic hardship due to the ongoing pandemic with low-interest rates and low-documentation loans. Five-year term loans ranging from $25,000 to $200,000 will be available with an interest rate of zero percent for the first 12 months and two percent for the remaining term of the loan. The state program is managed by a private contractor, Meridian Management Group, who will be processing applications on a first-come, first-served basis. To learn more about the new program, find eligibility criteria, or apply for a loan, click on the button below.