MPVOLP provides no interest loans of up to $50,000, from one to eight years, for businesses owned by military reservists, veterans, National Guard personnel and for small businesses that employ or are owned by such persons.
New applications for the program will be accepted from July 1, 2020 through August 14, 2020. The submission of an application is not as assurance of approval.
No interest loans range from $1,000 to $50,000. Loan maturity will be from one to eight years. The loan repayment period usually will not exceed the useful life expectancy of the equipment to be purchased.
Eligible applicants include veteran-owned small businesses, businesses owned by military reservists and National Guard members called to active duty, and small businesses, with fewer than 50 employees that employ them.
For reservists or National Guard members called to active duty, Program funds must be used for payment of identifiable costs of the business, including general business expenses, which result from the call to active duty. The loan may be made at any time from the date of the call to active duty through the period ending six months after the end of the individual's active duty.
For service-disabled veterans, businesses owned by service-disabled veterans, and businesses employing service-disabled veterans, the purpose of the Program is to assist with the cost of making the home, motor vehicle, or place of employment of a service-disabled veteran accessible to individuals with disabilities, and to defray other necessary expenses.
Visit this page to learn about the availability of funds. Applications must be submitted to the Maryland Department of Commerce (Commerce). Commerce will work closely with the Maryland Department of Veterans Affairs (MDVA) to obtain an eligibility review of each application. Once MDVA determines that an applicant meets basic eligibility rules for the Program, Commerce will initiate a financial review and underwriting.
The following additional information will be required for the Department to evaluate your application:
- Business Plan, with 3 year's projections, cost budget and sources & uses of funds.
- Current Personal Financial Statement (request form).
- A listing of all owners and percentages of ownership.
- Resume of principal owner(s).
- Personal Federal Tax Returns with all Schedules (most recent two years).
- Business Federal Tax Returns with all Schedules (most recent two years).
- Explain the amount of personal or business funds to be contributed to the project.
- Explain the type of collateral to be provided to secure the loan.
Commerce will review and process each application using standard commercial credit criteria to determine whether it meets the Program’s financial and other requirements for loan approval. Commerce will recommend approval of financing for the projects deemed to present the best chance of succeeding.
For more information about the program, eligibility details and how to obtain an application contact:
Program Manager, Office of Finance Programs
Maryland Department of Commerce