A group of Baltimore Main Streets board members and merchants attended a White House Business Leaders Briefing last month to showcase the Federal Hill microloan program at a small business forum.
“Federal Hill Main Street
is launching this because of a lack of access to capital for small businesses in our community. I think nonprofits are the future for lending to small businesses - banks certainly aren't doing it,” says Jane Seebold, Executive Director of Federal Hill Main Street.
The program offers small, short-term loans – from $500 to $2500 – to businesses in Federal Hill for low interest rates. The loans can be used by the businesses for specialized tasks like technology upgrades or seasonal inventory purchases. The loan board has secured an insurer after a lengthy struggle.
Writer: Amy McNeal
Source: Jane Seebold, Federal Hill Main Street