Neighborhood BusinessWorks loan program provides flexible financing to new or expanding small businesses and nonprofit organizations in Sustainable Communities and Priority Funding Areas throughout the state. Priority is given to projects that strengthen neighborhood commercial districts and are part of a greater revitalization strategy.
Project viability and potential impact on the neighborhood
First floor business or retail space use that generates street level activity in mixed use projects
Improvements to a vacant or under-utilized building or site
Readiness to proceed
Cash flow and collateral
Applicants must complete a Neighborhood BusinessWorks loan application package. Upon loan approval an applicant will receive a commitment letter from the Maryland Department of Housing and Community Development. Loan approval requires that applicants meet underwriting guidelines. Applicants must have executed the necessary legal documents prior to disbursement of the loan proceeds.