Maryland Capital Enterprises, Inc. (MCE) provides small company loans to companies situated in MCE’s provider Area: Wicomico, Worcester, Somerset, Dorchester, Talbot, Caroline, Queen Anne’s and Kent counties regarding the Maryland’s Eastern Shore and in addition Baltimore City, Anne Arundel and Baltimore counties.
Our objective is always to help companies that offer a site or item towards the community that is surrounding assistance organizations open their doorways and offer all of them with business training and mentoring necessary to be successful.
That is eligible?
- A for-profit that is start-up owner with 10 or less workers
- Has attempted to receive that loan by way of a old-fashioned loan provider or a bank
- Found within MCE’s solution area in the above list
- Will need to have an obviously founded company concept and company plan (MCE can help develop company plan)
- Capacity to create full-time and/or employment that is part-time low to moderate-income residents
- Must certanly be a U.S. resident or appropriate alien
- Must show capability to repay loan
- Need reasonable credit score and re re payment documents
Terms and costs
- Loans for just about any amount from $5,000 to $35,000
- As much as ten years
- Interest from 6% to 12per cent
- 1% closing fee associated with loan quantity
- Legal Reserve Fee ($250 – $1,000)
- $100 Application that is non-refundable Fee
- $15 Credit Report Fee per applicant (non-refundable)
- MCE will conduct semi-annual website visits to your online business
- No expenses or penalties for early payment
- Protection might be required as much as the complete level of the loan
- Applicants needs to be proprietors that are sole partnerships or corporations