Last Updated on August 23, 2023 by Hannah Stevens
Maryland is home to many disadvantaged businesses. There is financial aid, including loans or grants free of charge, support (including coaching and counseling), as well as technical assistance (marketing, sales, etc.) that minority and women owned businesses can receive. Below, you will find information about how to apply for Maryland government grants and loans.
This assistance is available for both small and mid-sized businesses and startups. Furthermore, the offered help is geared towards the most vulnerable, such as veterans, LGBTQ+, Black, Latino, Asian owned businesses, and others. However, every business in Maryland can apply for technical or financial assistance.
This page contains an up to date list of grants for women owned businesses, loans, government assistance programs, and other resources. The majority of funds are awarded to qualified applicants on a first-come-first-served basis. However, as mentioned, there is priority given to MWBE and BIPOC owned businesses, which means women, people of color, Black, Latino, and veterans owned companies. Moreover, referrals and counseling may be arranged.
Grant and Loan Programs for Minorities and Women Owned Businesses in Maryland
All businesses can apply regardless of their gender, race, age or ethnicity. All charities, lenders, and government agencies will give some funds to minority owned companies. They also provide workshops, classes, networking events, and other programs for small businesses.
Ongoing, Year Round Free Grant and Loan Programs
The Inclusive Ventures Program provides assistance for women, veteran, and minority owned businesses in Anne Arundel County. It is available for the entire county and the city of Annapolis. A wide range of services are available to small businesses, including information about loans and grants or other capital sources, and free coaching or counseling. Anne Arundel Economic Development Corporation is also a partner to this program.
This programme is similar to one of the free grants and loans for minority and women owned businesses in Massachusetts, the Boston Uptima Entrepreneur Cooperative.
The Baltimore Small Business Resource Center provides several programs, including assistance in applying for microloans and other funds. They also serve as a trustee for Kiva for the area. Furthermore, they provide information about business plans, cash flow projections, help setting up LLCs or addressing regulations, and much more. The interest-free loans are available to disadvantaged companies, such as those who are women, Black, minorities, and those who lack capital access.
This programme is similar to one of the free grants and loans for minority and women owned businesses in Louisiana, the Louisiana Minority Business Development Agency Business Center.
The Black Professional Men is a Maryland-based non-profit that focuses on Baltimore. This non-profit provides micro-loans, in partnership with Kiva, and arranges other programs. There are many resources available, including financial literacy, economic development, entrepreneurship training, and more.
The Community Wealth Builders helps local businesses, mainly in low-income and dis-enfranchised areas of the city. There is priority for women, people of color, the LGTBQ+ community, veterans, and others minority owned businesses. They offer interest-free loans in conjunction with Kiva. Potential entrepreneurs, start-ups, and small businesses may also qualify for other support and capital raising opportunities.
The Greater Baltimore Urban League provides a variety of resources. There are several programs available for youth education and employment. They also offer entrepreneurship classes and resources, seminars, and much more. The Urban League is a Kiva trustee. Therefore, they are also able to offer microloans without interest.
The Latino Economic Development Center assists those in Maryland, just outside Washington DC, and Washington DC itself. They prioritize helping Latino and Hispanic owned businesses. Since they are a CDFI, they offer small business loans at a reasonable rate, and provide other business services. They may offer loans ranging from $500 to $25,000. They also provide free business advice on different topics, including credit building, website and social media development, business plan creation or development, details about how to form an LLC, and many more.