Small Business Assistance Package for Baltimore
Office of Capital Access:
- Provide $1.25 million in SBA Microloan loan capital, with up to $800,000 directed specifically towards Baltimore, to Maryland Capital Enterprises (MCE), subject to MCE raising the 15% matching funds required by the Program.
- Award a discretionary PRIME grant of up to $100,000 to Maryland Capital Enterprises for the purpose of providing training and technical assistance to disadvantaged entrepreneurs impacted by the events occurring in Baltimore.
- Award a discretionary PRIME grant of $100,000 to Harbor Bank of Maryland Community Development Corporation – the non-profit subsidiary of Harbor Bankshares Corporation. The PRIME grant award will be for the purpose of providing training and technical assistance to disadvantaged entrepreneurs to enable the bank holding company to do more SBA lending in the affected area.
- SBA’s Microloan Program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. In general, microloans play an important role in distressed communities where access to conventional lending remains a challenge.
Government Contracting Business Development:
- GCBD’s Office of Business Development (BD) has identified a local Baltimore contractor – QCM – that will provide approximately $100,000 to support educational and technical services to firms in the area.
- GCBD is also planning a Destination HUB Opportunity Event Forum in Baltimore. Destination: HUB will promote and support HUBZone firms in federal contract opportunities, while ensuring local economic development boards, government officials, federal buyers, and prime contractors work hand in hand to bring more sole-source and set-aside awards directly for these HUBZones. For over 17 years, the HUBZone program has served as one of SBA's signature initiatives and has helped small businesses in urban and rural communities gain preferential access to federal procurement opportunities
Office of Entrepreneurial Development:
- The Office of Small Business Development Centers has determined that the Maryland Small Business Development Center is eligible to receive $253,308 in supplemental funding over 15 months.
Office of Investments and Innovation:
The Small Business Innovation Research (SBIR) program is a highly competitive program that encourages domestic small businesses to engage in Federal Research/Research and Development (R/R&D) that has the potential for commercialization. Through a competitive awards-based program, SBIR enables small businesses to explore their technological potential and provides the incentive to profit from its commercialization. By including qualified small businesses in the nation's R&D arena, high-tech innovation is stimulated and the United States gains entrepreneurial spirit as it meets its specific research and development needs.
In 2015, SBA is awarding $4 million to accelerators in order to continue building the support structure needed to help start. We will caucus accelerators/incubators labs in the Baltimore area to have a discussion regarding the SBA’s Accelerator Competition as well as the opportunities available for accelerators to blossom.
We will have a roundtable discussion with money managers, private equity firms and banks to discuss the SBIC program and how to get involved. Furthermore, we will discuss and encourage these fund managers to invest in small business in the city of Baltimore.
Your Local SBA: Baltimore District Office
City Crescent Building, 6th Floor 10 South Howard Street Baltimore, MD 21201
Telephone: 410-962-6195 Fax: 410-962-1805 Web: www.sba.gov/
All SBA programs and services are provided on a nondiscriminatory basis. 05/2015