Maryland may be a small state, but it’s also the thriving, bustling home to over 600,000 small businesses–which make up over 99% of all businesses that operate within the Old Line state. These mightly businesses employ over a million Maryland residents (almost half of the state’s workforce), so it’s no secret that small business owners are a vital part of the population—and they deserve funding!
If you’re a small business owner who operates in Maryland (or you’re considering becoming one), check out this list of funding options. Here, you’ll find business grants and loans only available to businesses that operate within the great state of Maryland. Check these out.
Department or Agency: Maryland Department of Commerce
Loan or Grant title: Cannabis Business Assistance Fund
Small businesses entering the cannabis industry in Maryland can apply for grants or loans to cover the cannabis license application, capital expenses, and training. To qualify, the small business must be at least 51% owned by individuals with less than $1.7 million in personal net worth. Loans and grants are also available to historically black colleges and universities (HBCUs) for cannabis-related programs and to business development organizations that provide training.
Department or Agency: Exelon Corp.
Loan or Grant title: Exelon Racial Equity Capital Fund
The Exelon Racial Equity Capital Fund provides minority-owned businesses with loans of $100,000 to $300,000 and equity investments up to $1 million. The funds can be used for hiring workers, growing the business, and general working capital. To qualify, the business must:
- Be in a community served by one of the six Exelon utilities
- Demonstrate an ability to create jobs and expand operations
- Show an ability to repay the loan
Department or Agency: Department of Commerce
Loan or Grant title: Maryland Economic Adjustment Fund (MEAF)
The Maryland Economic Adjustment Fund extends loans up to $150,000 for small and underserved businesses that have fewer than 50 employees. To be eligible, the business must demonstrate creditworthiness and ability to repay the loan, and an inability to qualify for loans from a traditional lender. Businesses can use the funds for working capital, equipment, building renovation, real estate acquisition, and site improvements.
Department or Agency: Department of Commerce Office of Tourism
Loan or Grant title: Maryland Alcohol Manufacturing Promotion Fund
The Maryland Alcohol Manufacturing Promotion Fund provides grants to nonprofit organizations and state and local governments. The grant money can be used to create or expand the state’s breweries, distilleries, and wineries. The business will need to explain how it will use the money to attract new visitors, educate the public about alcohol manufacturing, expand minority ownership, and/or promote the state’s alcohol-related agricultural products.
Department or Agency: Department of Housing and Community Development
Loan or Grant title: Microenterprise Loan Program
The Maryland Microenterprise Loan Program provides loans of up to $50,000 to use toward marketing, equipment purchases, working capital, and other costs associated with opening or expanding a small business. To qualify, the business must:
- Be in the retail, manufacturing, or goods and services industries
- Be located in a designated sustainable community area
- Earn a revenue of up to $500,000 per year
- Employ five or fewer employees
Department or Agency: Department of Housing and Community Development
Loan or Grant title: Microenterprise Loan Program
The Maryland Microenterprise Loan Program provides loans of up to $50,000 to use toward marketing, equipment purchases, working capital, and other costs associated with opening or expanding a small business. To qualify, the business must:
- Be in the retail, manufacturing, or goods and services industries
- Be located in a designated sustainable community area
- Earn a revenue of up to $500,000 per year
- Employ five or fewer employees
Department or Agency: University of Maryland, Baltimore County
Loan or Grant title: Maryland Technology Internship Program
The Maryland Technology Internship Program reimburses employers for up to 50% of an intern’s wages, up to $3,000 per intern each year. The program is open to technology-based businesses, nonprofit organizations, and state and local agencies that are based in Maryland. To qualify, the business must hire interns who meet eligibility requirements.
Department or Agency: Anne Arundel Economic Development Corp.
Loan or Grant title: Next Stage Tech Fund
The Next Stage Tech Fund provides loans to technology companies serving the cybersecurity and national defense industries. To qualify, the business must earn less than $5 million in gross revenue and employ fewer than 100 employees. Loans come with a 0% APR and range from $50,000 to $250,000. The money can be used for working capital, leasehold improvements, and equipment purchases.
Department or Agency: Anne Arundel Economic Development Corp.
Loan or Grant title: Arundel Community Reinvestment (ACR) Fund
Businesses in Anne Arundel County’s 11 commercial revitalization districts may be eligible for a loan of up to $100,000. The money can be used for landscaping projects and building improvements.
