Areas Served: Wicomico, Worcester, Somerset, Dorchester, Talbot, Caroline, Queen Anne’s and Kent counties
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.
You must be in business for at least 2 years to qualify for the higher loan amount and have 2 years of tax returns to present to the committee.
Who is eligible? Any for-profit business with 10 or less employees, which have tried to receive a loan through a traditional lender or a bank and is located within MCE Service Area.
Must have the ability to create full-time, part-time employment for the community 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 $50,000 Up to 6 years Interest rate to be determined upon approval, but not to exceed 10% 1% closing fee of the loan amount For loans up to $15,000 – $250 Legal Reserve Fee For loans from $15,000 to $35,000 – $350 Legal Reserve Fee For loans from $35,000 to $50,000 – $500 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, corporations or LLCs What can MCE expansion 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: Opening of another location 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 InformationMaryland Capital Enterprises
Address: 144 East Main Street
City: Salisbury
State: Maryland
Website:
http://www.marylandcapital.org/expanding/loans
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