BALTIMORE, MD (June 4, 2014) – The Maryland Department of Business and Economic Development (DBED) announced today that the State has approved a $250,000 grant to the City of Baltimore Development Corporation to support the BaltimoreMICRO program, a revolving loan fund for small businesses. The funding comes from DBED’s Maryland Economic Development Assistance Authority and Fund (MEDAAF). DBED previously approved a $250,000 grant to help launch BaltimoreMICRO in 2012.
“The State is pleased to continue to support BaltimoreMICRO, which is helping stimulate our economy, create and retain jobs and connect our small businesses with much-needed financing that they may not be able to access from traditional sources,” said Maryland’s Secretary of Business and Economic Development Dominick Murray. “We look forward to helping even more small businesses obtain the funding they need to grow and thrive.”
As a One Maryland jurisdiction, the City of Baltimore will contribute $125,000 in matching funds to the program. To date, BaltimoreMICRO has approved 13 loans for a total of $285,000.
“The BaltimoreMICRO loan program is an innovative tool that strengthens the City’s local economy by supporting small business growth,” said Mayor Stephanie Rawlings-Blake. “We have assisted 13 local businesses to date and thank our partners at the Maryland Department of Business and Economic Development for their continued support of the program as we help grow more small businesses in Baltimore City.”
“Small businesses are job creators,” said BDC President and CEO Brenda McKenzie. “BaltimoreMICRO aids in the development and expansion of small businesses, providing critical financing needed to support job creation and stabilization of existing employment opportunities in the City of Baltimore.”
BaltimoreMICRO is administered by the Baltimore Development Corporation. The program provides financing to existing small businesses that may not have access to traditional funding, giving them the necessary working capital needed for operations and purchases, such as machinery and equipment. BaltimoreMICRO’s objective is to assist businesses with financing while stimulating employment, supporting expansion and development, and encouraging private sector investment in Baltimore City.
About BDC:
The Baltimore Development Corporation (BDC) is a 501(c)(3) corporation contracted with the City of Baltimore to provide economic development services. With a mission to retain and expand existing employers and attract new ones, BDC acts as a liaison between business owners and city agencies advocating for the interests of Baltimore City employers; works with business owners to shepherd private development projects through public processes saving time and mitigating expense; and facilitates the reuse of publicly owned property for new and expanding businesses. For more information, visit www.baltimoredevelopment.com.
About DBED:
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit
www.choosemaryland.org.
