Resources Archive - Small Business Hub

They provide a Level Up Program which is designed to assist small and minority owned businesses in Prince George’s County with training, technical assistane, mentorship, and loans.

Maryland Community Enterprises

They provide loans for small businesses and promote economic development in Eastern Maryland.
They provide the following loans:
They provide startup loans of $5,000 to $35,000 to companies that have been denied a loan by a bank.
They also offer expansion loans of $5,000 to $150,000 for companies that have been in business for 2 years.
Both loans carry an interest rate of 6% to 12% and a term of up to 10 years.

Baltimore Community Lending

This lender Provides loans which are designed to promote entrepreneurship in underserved communities in Baltimore. They offer emerging loans of up to $50,000 for startups with a loan term of 3-6 years. They also offer growth loans of up to $150,000 for companies that have been in business for at least two years. The loan term is 5 to 10 years.The interest rate is 7.25% to 9.25% for both emerging and growth loans.They also offer a special loan rate of 3% for hair salons, barbershops, childcare centers, and arts-based businesses in partnership with Wells Fargo. They are unable to accommodate restaurants at this point.

Maryland Microenterprise Loan Program

This program provides loans for small business owners in cooperation with micro lenders in the state and seeks to increase the availability of lending for small businesses in the state.

The project is designed to assist retail, manufacturing, and goods and service-related businesses.
The business must be located in a designated area called a Sustainable Community area. The small business cannot have more than 5 employees and $500,000 in annual revenue at the time of application for funding.
The micro loan portion of the loan cannot exceed $50,000, and the loan interest rate is less than 12%. The loan term cannot exceed 5 years.

Washington DC Women’s Business Center

They also provide ShopHer, a pop-up incubator for 15 female entrepreneurs who own businesses in fields such as the arts, clothing and jewelry inspired by products from the USA, Uzbekistan, Africa, Mexico, and other global areas.

1863 Venture Fund

The goal of this organization is to provide support to minority entrepreneurs in the form of business education and mentoring in areas including marketing, sales, and financial management.

The National Community Reinvestment Coalition Community Investment Fund

The goal of this organization is to increase the flow of private capital into traditionally underserved communities. Their Community Investment Fund is designed to reduce the racial wealth gap by providing funding for entrepreneurship and low-income housing.
https://www.communitydevelopmentfund.org/lending/
They offer the following loans for low-income entrepreneurs:
They provide microloans of $50,000 or less.
They also provide small business loans of $50,000 to $275,000
They also provide loans for green impact businesses of an unspecified amount.

The Latino Economic Development Center Credit Building Loan

They offer the following loans:
A credit building loan which is between $500 and $2,500 and has a 0% interest rate and 36 monthly payments. They also offer personalized financial education along with the loan.
They also offer SEED Loans of less than 5K for companies that have been in operation for less than a year or with plans to launch within 3 months of getting funded. This loan is offered at 0% interest for up to 36 months.
In addition, they also offer a startup loan of up to 20K with an interest rate of 6.5% and for 60 months for companies that have been in business for less than 2 years.
They also offer a loan of up to 250K for growing companies of up to 120 months and an interest rate of 6.5% ore more for companies that have been in business for at least 2 years and are looking to expand.

The Hive

This co-working space is designed to provide support and opportunities for women and minority-owned businesses and was acquired by WACIF in 2021.

Washington Area Community Investment Fund

Their focus is working with minority and women minority entrepreneurs from low-income and moderate-income communities.
https://wacif.org/services/small-micro-business-loans/
They provide microloans of $5,000 to $50,000. The interest rates are up to 10%, and the maximum loan term is 72 months. the permitted uses for the funds include: equipment, inventory, and working capital.
They also offer a contract line of credit for $5,000 to $15,000. The term is up to 12 months, and the interest rate is up to 18%. Also it is used for accounts receivable.
They also provide equipment financing for $5,000 to $50,000. The term is up to 60 months, and the interest rate is up to 18%.
They also offer a working capital term loan for $50,000 to $150,000. The term is 72 months, and the interest rate is 10%.
And they offer a contract term loan for $50,000 to $150,000. The term is 72 months, and the interest rate is up to 18%.
The requirements for all loans include:
Being in business for 3 years
Providing a security interest in all the business assets, and also the personal guarantee of the key owners.
There is also a 3% commitment and servicing fee needed with each deal.
https://wacif.org/programs/
They also offer the following additional programs:
the Ascend Accelerator. This program is designed to support non-technology growing small businesses.
Their Entrepreneurs of Color Fund is designed to provide funding, networking and business advisory services to businesses launched by female minority entrepreneurs.
Through their program Enterprising women of color, they offer these loan products. And they also offer advisory and consulting services that are targeted to female entrepreneurs of color to help them run their businesses. They also partner with the Minority Business Development Agency in order to maximize their services and products for women business owners of color.
https://ewoc.wacif.org/services/advisory-services/
They also are offering a grant of up to $10,000 to black retailers in Wards 7 and 8 of Washington DC in cooperation with Walmart. https://ewoc.wacif.org/event/advancing-black-retail-grant-information-session/
In addition, they also offer workshops on digital media and related topics.

People’s Advantage Federal Credit Union’s Small Business Lending Initiative

Appalachian Community Capital

Provides microloans and technical assistance to minority owned and small businesses in the Appalachian region of Virginia.

Bridging Virginia

Will provide Alternative Lending Products & Technical Assistance for Underinvested Small Businesses in the Greater Richmond Region.

Community Investment Collaborative (CIC)

Will provide loans and microgrants for small businesses to help start and grow emerging enterprises

Latino Economic Development Center

The center will create a $575,000 revolving loan fund to help 45-60 low and moderate income Latino and/or other underserved businesses in Fairfax County. The center will also provide culturally and linguistically specialized technical assistance to borrowers.

Freedom First Federal Credit Union Small Business Fund

Provide $1.5 million in small and microloans with a focus on small loans for women, minority and/or immigrant-owned businesses.

Enterprise Development Group

Provides business loans to immigrants, refugees, low income individuals, and people of color in Maryland, Virginia, and Washington, DC. who cannot access bank financing. They also provide training and technical assistance to borrowers.

Women’s Business Center at Old Dominion University

Launchpad

A business incubator which provides mentorship and general support to emerging companies. Is affiliated with William and Mary University.

Catalyst

A business accelerator which provides training and support to emerging companies in Central Virginia
CATALYST (434.co)
They provide 9 months of support and $20,000 in grant funding plus technical assistance to tech companies in industries such as software, hardware, biotechnology, and biomedical field.

Black Farmer Equity Fund

A microlender which seeks to provide support to black, female, veteran, new, and underresourced farmers in Virginia
Mission — Foodshed Capital (foodcap.org)
They provide loans to black farmers
They also provided a $12,000 grant to the Minority and Veteran Farmers of the Piedmont in Virginia to support their efforts to reach mobile markets
Black Farmer Fund — Foodshed Capital (foodcap.org)

Downtown Bristol Loan Fund

A community redevelopment agency which provides microloans of $2,500 to $25,000 to emerging businesses in Bristol, Virginia, that cannot access traditional financing sources.

People Incorporated

A community action agency which provides business loans to entrepreneurs in the context of broader economic development and low-income housing programs.

Virginia Highlands Small Business Incubator

Provides coaching, mentoring, and general support for small businesses in Virginia

Virginia Startup

Provides generalized support for startup companies in Virginia

Lighthouse Labs

This technology accelerator provides 3 months of mentorship and support to emerging technology companies. They also provide $20,000 grants to 12 to 20 promising technology companies per year.

Community Business Partnership

This microlender in Fairfax, Virginia, provides microloans of $2,000 to $10,000.

Newport News Urban Action Grant Program

Provides loans of up to $250,000 for companies that create new jobs in low- and moderate-income sections of Newport News. Up to $30,000 is available per new job created, or up to $35,000 per new job created in the city’s enterprise zone

Newport News Micro Enterprise Grant Program

This government agency provides grant funding of $500 to $3,500 to micro enterprises in the Southeast portion of the city. The business owner must be low to moderate income or located in a low or moderate income section of the city.

Newport News Virginia Microloan Program

This government agency provides microloans to small businesses including startups that cannot access traditional capital sources. They provide funding of $2,000 to $25,000 at 8% interest rates.

Business Finance Group

Virginia Small Business Financing Authority

This government agency provides loans of up to $10,000 to existing businesses in Virginia that have been in operation for at least two years. In some cases the loan can be increased to $25,000. The loan interest rate is a maximum of Prime + 3%.

Virginia Community Capital irginia Community Capital

• Virginia Community Capital (VCC) will expand its Economic Equity Fund Initiative (EEF), and use $1.5 million of additional funding to provide low-cost financing for small-, women-, and minority-owned businesses across Virginia that were disproportionately affected by COVID-19.
• The additional funds will support 15 or more businesses.
• They will also hire a technical assistance provider specifically for this program.