Wednesday, September 19, 2012

Microloans: Helping Businesses One at a Time

While many talk about small business being the "backbone of our economy," access to capital for these businesses remains difficult.  Federal Hill Main Street is here to help our local merchants with Federal Hill Microloans, a program we launched to offer small amounts at a low interest rate.  The project is funded primarily from our annual Fest-of-All event at the Baltimore Museum of Industry (so you can not only have a great night at our popular gala in February, you can also contribute to a good cause!). 
Often times, the microloan is just enough to make a business stronger.  Vanessa White of Vanessa’s Vintage Treasures (1132 S. Charles) used one to help broaden her inventory of unique jewelry, linens, pottery, and collectibles.  “I think this is an excellent program.  I’ve already sold some of the items I bought, so it all comes around in one big circle”, Vanessa said. 
Bobabooi's Treasure Chest (1028 S. Charles) used a microloan to finance development of an interactive website with e-commerce options and integrated social media.  Bobabooi's sells Ravens, Orioles, and Natty Boh-themed clothing and related accessories, and the loan helped broaden their customer base.  
"It's fantastic that local businesses have this option, right here in our neighborhood", said Bobabooi's owner Angela Lauta.  And Vanessa White mentioned that "the process was easy and convenient."
For more information, call 410-757-4500 or
Alex Marie Schmidt, Intern

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