Caroline County Economic Development

The Maryland Microenterprise Loan Program

The Maryland Microenterprise Loan Program is designed to provide entrepreneurs with flexible financing for microenterprise start-ups and expansions. Microenterprise Loans originate and are administered by Intermediary Microloan Partners Maryland Capital Enterprises, Inc., Salisbury, MD, 410-546-1900,, and Eastern Shore Entrepreneurship Center, Easton, MD 21601, 410-770-9330,

Business must be located in a town (specifically a Sustainable Community or Priority Funding Area).

ELIGIBLE BUSINESSES: Retail, manufacturing, goods and services related businesses. Small business cannot exceed $500,000 in annual revenue. Not more than 5 employees at time of application

ELIGIBLE USES OF FUNDS: Working capital, marketing/planning/feasibility studies, real estate acquisition down payment, minor renovations, minor leasehold improvements, machinery and equipment

INELIGIBLE USES OF FUNDS: No residential or transient living businesses, multifamily or single-family housing developments, nursing homes, assisted living facilities, crisis care centers, group homes, transitional housing, and homeless shelters. No facilities such as community halls, fire stations, hospitals, colleges, or universities. No adult bookstores, adult video shops, other adult entertainment facilities, gambling facilities, gun shops, liquor stores, massage parlors, pawn shops, tanning salons, or tattoo parlors. No home-based businesses.

MICROLOAN TERMS: Microenterprise Loan Program portion of loan cannot exceed $50,000. Additional funds may be added to project by Intermediary. Rates up to 12%. Loan term cannot exceed 5 years. Collateral is required and may include, but is not limited to personal guarantees, liens on business assets and pledges of accounts. No prepayment penalties.

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