VOLT Microloan Fund
Small and minority-owned, women-owned, and Veteran-owned businesses in Maryland may be eligible for a loan through the VOLT Microloan Fund. Loans of up to $50,000 can be used for any legitimate business expense including working capital, business vehicle purchase, business equipment, leasehold improvements, and other business items needed to increase revenue and profit.
Anne Arundel Economic Development Corporation manages the VOLT Fund on behalf of the Maryland Department of Commerce. The department oversees the state’s Small, Minority and Women-Owned Business loan fund which is supported by 1.5 percent of video lottery terminal revenue from Maryland casinos.
Loan Details
- Priced at 2.00% fixed.
- 5-year term (1st year interest only; 4-year monthly P&I payments).
- No loan fees or closing costs.
Eligibility
- Company must have under $500,000 in revenue and under 10 employees.
- Companies must have successfully graduated a business accelerator program.
- Must be in business for 2 years or working 5 years in the same industry.
- Primary business location must be located in Maryland.
- Company must be in good standing with the State of Maryland.
Loan Requirements
- Personal guaranty on all owners over 20%.
- Guarantors must have a minimum credit score of 600 with all accounts paid up to date.
- UCC filing against business assets.
- Borrower must submit VOLT application through Submittable, 2023 business tax returns, 2023 personal tax returns, personal financial statement on any owner over 20%, and financial projections showing the ability to service the proposed debt.
- Borrower to provide a breakdown of use of funds to accompany expansion plan with financial projections showing effect of funding to business profitability.
Click here to access the online application.