Ongoing, year round free grant and loan programs
A number of financial assistance and coaching programs operate year round. Find them by region, city and category below. Or continue to scroll down the page to find other MWBE and veteran grant programs, loans and business services that operate monthly.
State of Maryland assistance programs
CASA de Maryland helps Hispanics, immigrants and Latinos across the state. There is a Center for Economic Development to help people start a business, legal services information on raising money and other services – both for entrepreneurs and any Hispanic in the state. Get details here. https://wearecasa.org/programs-in-maryland/
Latino Economic Development Center serves the state of Maryland right outside of Washington DC as well as DC itself. They focus on helping Hispanic and Latino / Latina owned businesses. They are a CDFI, therefore they offer affordable small business loans and operate other business services. Anywhere from $500 to $25,000 may be offered. There is also free business advice on many topics, including website and social media development, credit building, business plan development or creation, details on how to form an LLC and so much more. Learn more. https://www.ledcmetro.org/
Maryland Small Business Development Center (SBDC), located at the University of Maryland, helps small businesses, including minority, LGBTQ+ and veteran owned. They also participate in the Technical Assistance Grant Program. Free mentoring, grants and financing for micro-businesses, and many other programs are offered. Learn more here. https://www.marylandsbdc.org/
Maryland Women Business Center helps both existing female owned businesses as well as entrepreneurs. There are free workshops, training programs, information on business plan development as well as referrals to financial help in the form of grants or loans. Women business owners of all ethnicities, whether Black, Latina, immigrant or any race can get help from the Maryland Center. Learn more here. https://marylandwbc.org/
VLT is a loan program for minority and women owned businesses. The state runs the financial assistance program and the funds come from the slot machine in the state. Several community action agencies as well as county Economic Development Corporation offices disburse the funds. Get money to grow a business, access to capital and other funding from the government. More details here is https://commerce.maryland.gov/fund/programs-for-businesses/vlt.
Annapolis and Anne Arundel County
Anne Arundel County minority, women and veteran owned businesses can get help from an Inclusive Ventures program. It covers the county as well as city of Annapolis. Small businesses can get a wide variety of services, ranging from information on loans or grants (or other forms of capital) to free coaching or counseling. A partner to the program is also the Anne Arundel Economic Development Corporation (AAEDC). Learn more here. https://www.aaedc.org/
Anne Arundel Economic Development Corporation (AAEDC) will help minority-owned, veteran or woman-owned small businesses. Apply for capital, grants and investment for MWBE businesses as well as how to get certified for government procurement and contracting. There is also loan fund for SMWOB as well as a VOLT Microloan Fund. Learn more here. https://www.aaedc.org/
Anne Arundel Women Giving Together is an annual grant program for non-profits. They provide grants to non-profits that focus on helping underserved or low-income women, whether it is with starting a business, building generation wealth, or something else. Learn about the Giving Together organization grant program here. https://givingtogether.wildapricot.org/
Baltimore region MWBE resources
Baltimore Small Business Resource Center offers many assistance programs, including guidance on applying for microloans and other funds. They are also a Kiva trustee for the region. They offer information on business plans, cash flow projections, help setting up LLCs or addressing regulations and more. The interest free loans also focus on disadvantaged businesses such as women, minority, Black and those that lack access to capital. Read more. http://baltimoredevelopment.com/initiatives/small-business-resource-center-sbrc/
Baltimore area businesses, in particular the disadvantaged (minority, veteran, women owned) can get help from programs run by T.Rowe Price. There are 0% interest rate microloans, cash assistance, mentoring programs and more. They also participate in the BLocal free business mentoring program. The mutual fund company is providing financial help, financing for the Kiva program, coaching and other free services too. Get details here. https://www.troweprice.com/corporate/us/en/what-sets-us-apart/corporate-responsibility/community-commitment/blocal.html
Baltimore Community Lending is a Community Development Financial Institution (CDFI), meaning they focus on disadvantaged businesses, minorities, low-income areas and more. There is free mentoring, low cost loans, workshops and referrals to grants and more. There is help in Baltimore City and County, Anne Arundel, Carroll, Harford and Howard County. Learn more here https://bclending.org/
Black Professional Men operates across Maryland with a focus on Baltimore. The non-profit helps issues micro-loans (in partnership with Kiva) as well as arranges other programs. There is economic development, financial literacy, scholarship programs as well as entrepreneurship training, among other resources. Find details here. http://blackprofessionalmen.org/
Howard County Economic Development Authority, or HCEDA, has many programs. They include microloans of up to $30,000, which often help disadvantaged businesses (minorities, vets, women) as those with limited credit history. There are other programs as well such as the Collateral Assistance Fund. Learn more. https://www.hceda.org/business-support/financing/collateral-assistance-fund/
Columbia and Howard County Innovation Center’s Business Revitalization Initiative Through Entrepreneurship (BRITE). They help start-ups as well as existing businesses in Howard County, with a focus on women, veterans, minorities, and LGBTQIA+. Information on starting a business, legal set up, grant money and more is offered by BRITE. https://hceda.org/innovation-startups/maryland-innovation-center/
Community Wealth Builders in Baltimore MD helps businesses in the city, primarily in low-income or dis-enfranchised parts of the city. A major focus is on businesses owned by people of color, women, LGTBQ+ community, veterans and others. They can help provide interest free loans in partnership with Kiva. Prospective entrepreneurs, start-ups, and small businesses can also get other support as well as capital raising opportunities. Learn more here. https://www.communitywealthbuilders.org/
Greater Baltimore Urban League offers a wide range of resource. There are programs for youth education and employment, entrepreneurship classes and resources, seminars, and so much more. There are also microloans that are interest free, as the Urban League is a Kiva trustee. Get details here. http://www.gbul.org/
Made in Baltimore is for the city itself and businesses located in the city. A major focus is on disadvantaged businesses, mostly those owned by people of color, LGTBQ+, women, immigrants and others. There are interest free (0% APR) loans from Kiva and other programs. There is also help with MWBE certification, assistance getting government contract worker and other free business services. More details here. https://madeinbaltimore.org/
Montgomery County Economic Development Corporation (MCEDC) has programs and resources (including referrals to low cost or interest free loans as well as grants) for minority, veteran, and women owned businesses. An entire part of MCEDC focuses on those disadvantaged groups. There are workshops, procurement or certification programs, grants and mentoring and other help. Read more here. https://thinkmoco.com/moco-means-business
Prince George’s Financial Services Corporation is a non-profit organization that offers a range of business startup and economic empowerment programs, including microloans and training for entrepreneurs. Various business loans, training, training is offered. Learn more here. https://fscfirst.com/
By Jon McNamara