By: Laurie Boyer-Babb, MCEDC Director of Economic Development
Are you a small business owner looking for a loan to support your business’s growth? The Montgomery County Economic Development Corporation (MCEDC) and the Latino Economic Development Center (LEDC) have launched the newly activated Accelerating Community Excellence (ACE) Loan Fund, a state of Maryland-funded program that provides loans to small, minority and women-owned companies. Backed by an initial allocation of $1.5 million in state funds, the ACE Loan Fund is now open and accepting applications, fully dedicated to supporting and uplifting those crucial small businesses that may have struggled to secure a loan from a traditional bank or lender.
“MCEDC is dedicated to supporting a more equitable and inclusive economy here in Montgomery County,” said Bill Tompkins, MCEDC President & CEO. “The ACE Loan program helps us to further reach our underserved communities with a path to business growth and future success.” The MCEDC isn’t alone in this endeavor. The MCEDC’s work is also being supported by colleagues at the LEDC, a certified Community Development Financial Institution (CDFI), as the program’s fiduciary agent. The MCEDC chose the LEDC as a partner due to its strong track record of service to the Latino and underserved communities across our region.
“We understand that different businesses will need different levels of assistance,” LEDC CEO Emi Reyes said. “That is why the ACE loans range from $2,500 to $250,000, with the potential for larger loans on a case-by-case basis. But perhaps most importantly, we have the potential to support smaller businesses that may have been turned down by traditional institutions for lending due to credit scores or the age of their business.”
Start the process by confirming your eligibility for the program. Complete the pre-qualification form here. Applicants can reach out to Laurie M. Boyer Babb, CEcD, at email@example.com or call at (240) 641-6704 with further program questions.