Beginning July 20, a new low-interest loan program is available to small businesses throughout Maryland that have been negatively impacted by the COVID-19 pandemic.

Governor Hogan recently announced that an additional $50 million was allocated for small businesses in need. Specifically, $5 million is being designated to Maryland Commerce’s MSBDFA – or the Maryland Small Business Development Financing Authority – which promotes the viability and expansion of businesses owned by economically and socially disadvantaged entrepreneurs.

The new MSBDFA Program - COVID-19 Emergency Relief Loan Fund provides emergency financial relief to eligible businesses that have experienced economic hardship due to the ongoing pandemic with low-interest rates and low-documentation loans. Five-year term loans ranging from $25,000 to $200,000 will be available with an interest rate of zero percent for the first 12 months and two percent for the remaining term of the loan.

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