• Feb 19, 22
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

Maryland Capital Enterprises, Inc. (MCE) provides small business loans to businesses located in MCE’s Service Area: Wicomico, Worcester, Somerset, Dorchester, Talbot, Caroline, Queen Anne’s and Kent counties of the Maryland’s Eastern Shore.

Our goal is to support businesses that provide a service or product to the surrounding community, help businesses open their doors and provide them with business trainings and mentoring needed to succeed.

Who is eligible? A start-up for-profit business owner with 10 or less employees, who has tried to receive a loan through a traditional lender or a bank and is located within MCE’s Service Area.

Must have clearly established business idea and business plan and ability to create full-time, part-time employment for low-to moderate income residents.

Must be a U.S. citizen or legal alien, demonstrate ability to repay loan and have reasonable credit history and payment records.

Terms and Fees: – Loans for any amount from $5,000 to $30,000 – Up to 6 years – At 6 – 10% interest rate – 1% closing fee of the loan amount – For loans up to $15,000 – $250 Legal Reserve Fee For loans over $15,000 – $350 Legal Reserve Fee – $75 Non-refundable Application Fee – $6 Credit Report Fee per applicant (non-refundable) – MCE will conduct semi-annual site visits to your business – No costs or penalties for early repayment – Security may be required up to the full amount of the loan – Applicants must be sole proprietors, partnerships or corporations What can MCE start up loan money be used for? MCE start up loan money can be used for almost anything that will help you start and operate your business.

Each loan application will be evaluated on a case-by-case basis.

The borrower will need to specify what the funds will be used for.

Examples include but are not limited to: – Machinery and equipment – Furniture and fixtures – Supplies, materials and inventory – Working capital – Truck/car purchase for the business Your business plan and cash-flow projections must demonstrate loan repayment capacity and borrower needs to present enough collateral in order to qualify for MCE’s start up loan.

MCE can accept business assets, personal guarantees/co-signers, equipment, cars, trucks, trailers, real-estate or life insurance.





Contact Information
Maryland Capital Enterprises
Address: 144 East Main Street
City: Salisbury
State: Maryland

Website: http://www.marylandcapital.org/startup-loans

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