EmPOWER Loan Program - Frederick County, MD

EmPOWER Loan Program

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PROGRAM OVERVIEW

The mission of Frederick County Office of Economic Development's (FCOED) EmPOWER program is to create an environment of economic inclusion in Frederick County that supports all business owners, regardless of race, ethnicity, gender, sexual orientation, ability, or religion. FCOED has partnered with the Maryland Department of Housing and Community Development (DHCD), and the Latino Economic Development Center (LEDC) a Community Development Financial Institution (CDFI) to offer the new EmPOWER Loan Program.

The EmPOWER Loan Program will provide fixed-interest-rate loans of up to $10,000 to EmPOWER Mentorship graduates in good standing with the State of Maryland.

This micro-loan program will provide early access to capital and allow our Frederick County micro-businesses to begin to establish a commercial credit borrowing history.

WHO CAN APPLY?

Any business that successfully graduated from the EmPOWER Mentorship Program through the Frederick County Office of Economic Development (FCOED) is eligible to participate, subject to additional eligibility requirements.

WHAT INFORMATION IS REQUIRED TO SUBMIT?

  • Completed application
  • Last 3 months of bank statements and last month of pay stubs (if self-employed, only bank statements)
  • Government-issued photo identification (driver’s license, passport, etc.)
  • No application or closing fees
  • Voided personal check
  • LEDC intake form

Despite no minimum credit score requirement, all clients must be current in all credit report accounts (excluding medical payments and traffic tickets).

WHAT CAN THE FUNDS BE USED FOR? 

Loan funds can be used for normal business expenses such as:

  • Working capital
  • Equipment
  • Real estate
  • Franchise fees
  • Inventory purchases

WHAT IF I DID NOT COMPLETE THE EmPOWER MENTORSHIP PROGRAM?

Businesses that have not graduated from the EmPOWER Mentorship Program should contact LEDC to explore alternative financing programs that may be available. FCOED is not affiliated with any loan program other than the EmPOWER Loan program. If you are interested in participating in the EmPOWER Mentorship Program please email FCOED at [email protected].

VISIT APPLICANT PORTAL HERE!