Maryland Loan Program for Military Personnel Accepting Applications
The state of Maryland offers a number of financing programs for various segments of business owners. Currently, the state has an open application period for their Military Personnel and Veteran-owned Small Business Loan Program (MPVSBLP). MPVSBLP provides no interest loans that range from $1,000 to $50,000, from one to eight years, for businesses owned by military reservists, veterans, National Guard personnel and for small businesses that employ or are owned by such persons. Business owners and businesses that fit the criteria are able to apply for loans until August 15, 2017.
Eligible applicants include businesses owned by military reservists and National Guard members called to active duty, and small businesses, with fewer than 50 employees that employ them. For reservists or National Guard members called to active duty, Program funds must be used for payment of identifiable costs of the business, including general business expenses, which result from the call to active duty. The loan may be made at any time from the date of the call to active duty through the period ending six months after the end of the individual’s active duty.
For service-disabled veterans, businesses owned by service-disabled veterans, and businesses employing service-disabled veterans, the purpose of the Program is to assist with the cost of making the home, motor vehicle, or place of employment of a service-disabled veteran accessible to individuals with disabilities and to defray other necessary expenses.
The Departments of Commerce and Veterans Affairs notifies prospective applicants on their websites of the availability of funds and the time period for submission of applications. An application must first be submitted to MDVA. Once MDVA determines that an applicant meets basic eligibility rules for the Program, the application will be forwarded to the Department of Commerce for financial review and underwriting.
The Department will review and process each application using standard commercial credit criteria to determine whether it meets the Program’s financial and other requirements for loan approval. The Department will recommend approval of financing for the projects deemed to present the best chance of succeeding.
For more information about the program, eligibility details, and applications, visit bit.ly/2ukSFzU.
Source: Maryland Department of Commerce – bit.ly/2ukSFzU