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.Read More: Baltimore Community Lending
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.
Provides microloans and technical assistance to minority owned and small businesses in the Appalachian region of Virginia.Read More: Appalachian Community Capital
Will provide Alternative Lending Products & Technical Assistance for Underinvested Small Businesses in the Greater Richmond Region.Read More: Bridging Virginia
Will provide loans and microgrants for small businesses to help start and grow emerging enterprisesRead More: Community Investment Collaborative (CIC)
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.Read More: Latino Economic Development Center
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.Read More: Enterprise Development Group
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)