Maryland New Start Microloan Program

​The Maryland New Start Microloan Program ("Program") is a financing resource operated by the Department of Commerce, with support from the Governor's Office of Small, Minority, and Women Business Affairs and the Maryland Department of Labor. The purpose of the Program is to provide $50,000 in no-interest loans to covered individuals for the purpose of starting a small business. The qualifications for the Program and eligibility requirements were established by the Maryland General Assembly pursuant to the passage of HB 158, Chapter 485, Acts of 2022.

ELIGIBILITY

Qualifying Applicants

An applicant must be referred to Maryland Commerce by an organization operating entrepreneurship development programs under the New Start Grant Program to be eligible for a loan from the Program. The only qualifying entrepreneurship development program is currently being offered by Southern Maryland JobSource. Contact Briana Capuano via email at brcapuano@tccsmd.org for questions and program information. 

To qualify for a loan from the Program, applicants shall:

• Be recommended by an entrepreneurship development program that received a grant from the Maryland Department of Labor; and
• Be a “covered individual” as defined in Chapter 485.
  

Covered Individuals – A covered individual means an individual who:

1. Has been convicted of a criminal offense;
   
2. Has completed a term of imprisonment in federal prison, or a State or local correctional facility; or
   
3. Is approved for release by a correctional facility for the purpose of participating in a training program; and
   
4. Meets the offense eligibility requirements put forth by the SBA for the Federal Microloan Program, as defined below.