MCE has been awarded $1 million in loans to provide microloans to small businesses on Maryland’s Eastern Shore and in the Baltimore-Annapolis area. A $500,000 loan from the US Department of Agriculture’s RMAP (Rural Microenterprise Assistance Program) was approved to provide loans up to $50,000 to rural small businesses here. Another $500,000 loan was approved from the Maryland Department of Housing and Community Development Microloan Program to provide loans up to $35,000 to small businesses in the Baltimore area.
“We continue to seek funding to provide much-needed assistance to small businesses,” said MCE president & CEO Joe Morse. “These funds will be used to provide financing for businesses that have difficulty securing funding from traditional sources. We help them build their capacity and become more bankable.”
MCE is a non-profit micro-business finance and assistance agency that provides loans and assistance to small businesses on Maryland’s Eastern Shore and in the Baltimore-Annapolis area. Based in Salisbury, with an office in Baltimore, the firm is certified by the US Dept. of the Treasury as a Community Development Financial Institution. It is also certified as an Intermediary Micro-lender for the Small Business Administration, the US Dept. of Agriculture, and the State of Maryland. It operates an Incubator With-out Walls project and Women’s Business Centers in Salisbury and Baltimore, conducts business classes, provides business consulting, and manages a loan portfolio of over $4 million. For more information, visit: www.marylandcapital.com.
