In an effort to help small business owners continue or improve their operations, Federal Hill Main Street is creating a small business revolving loan fund. The fund will offer small businesses microloans from $500 to $2500, with low interest rates for short terms and for specific purposes.
“A vibrant commercial district is key to the health of the Federal Hill Community, and we’re committed to helping local businesses not just survive, but thrive”, said Mike Schollaert, chair of Federal Hill Main Street Business Development Committee.
The program will start small with a few loans to help the businesses with very targeted needs. Federal Hill Main Street has already set aside $5000 in seed money for the program and will seek additional contributions in the form of grants and donations. Just last month, Maryland Capital Enterprises announced that it would soon be expanding into the Baltimore Area to lend up to $10,000 to small businesses. MCE has asked Federal Hill Main Street to serve as a partner and named FHMS Executive Director, Jane Seebold, a member of its Advisory Loan Board.
Co-owner of Curiosity, Katie Destefano (pictured here), stated it very well, “What gives Federal Hill its charm and character are the independently owned shops and businesses. It is important to offer support to those who need it.”
For more information on the FHMS microloan program, call 410-727-4500 or email admin@historicfederalhill.org
--Meredith Cook, Intern
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