BALTIMORE, MD (November 7, 2023) — The Maryland Department of Commerce has provided a total of $410,000 for short-term operational support to 17 nonprofit organizations throughout the state. The support comes from the Nonprofit, Interest-Free, Micro Bridge Loan Account, a program that provides funding up to $25,000 to qualifying nonprofits between the award date of a government grant or contract and the actual receipt of those funds.
Since inception of the program, 45 loans have been approved and funded for a total of $1,099,760. The loans settled during fiscal year 2023 were given to the following nonprofits:
- Alice Ferguson Foundation (Prince George’s County)
- Community FarmShare LLC (Montgomery County)
- Cross Community, Inc. (Montgomery County)
- Druid Heights Community Development Corporation (Baltimore City)
- EduCare Support Services Inc. (Montgomery County)
- Imagine Me Ministries Inc. (Baltimore City)
- It Takes a Village to Help Our Children, Inc. (Somerset County)
- Lighthouse, Inc. (Baltimore County)
- Luna Family Support Services, Inc. (Montgomery County)
- North East Housing Initiative, Inc. (Baltimore City)
- No Struggle No Success, Inc. (Baltimore City)
- Phase 3 Training Corporation (Baltimore County)
- Phoenix International Incorporated (Charles County)
- Stella's Girls, Inc. (Charles County)
- Talisman Therapeutic Riding (Queen Anne’s County)
- The Pro Bono Counseling Project (Baltimore City)
- World Arts Focus, Inc. (Prince George’s County)
“We’re proud to have supported dozens of nonprofit organizations through this interest-free loan program,” said Maryland Commerce Secretary Kevin Anderson. “Working in partnership with Maryland Nonprofits expands our reach to numerous organizations across the state—it’s important for those who need assistance to know which state resources are available to them.”
“In implementing this program for nonprofits, the Maryland Department of Commerce worked hard to streamline and ‘strip-down’ typical application requirements and review processes for these loans,” said Maryland Nonprofits Director of Advocacy and Public Policy Henry Bogdan. “Recognizing the goal of assisting groups already waiting for other government payments, they designed a process that – unlike most government financing programs – allows nonprofits to receive available funds within as little as two weeks of submitting an application.”
Nonprofits receiving this funding must be located in the state and determined by the Internal Revenue Service to be exempt from taxation under Section 501(c) (3), (4) or (6) under the Internal Revenue Code. Applications are only accepted from qualifying nonprofits with written confirmation from a government entity for funds via government grants or contracts that have not yet been received. Repayment of the loan can be no later than the date of the final grant or contract payment to the nonprofit. These loans can only be used for operating expenses.
