VOLT Microloan Fund
Low-Cost, Flexible Capital to Help You Grow
Affordable expansion financing for small, minority-owned, women-owned, and Veteran-owned businesses in Maryland. Access up to $50,000 for expansion capital, equipment, vehicles, leasehold improvements, and other legitimate business expenses that support revenue growth.
Ideal For: Small and minority-owned, women-owned, and Veteran-owned businesses that have been in business for at least 2 years, graduated a business accelerator program, and are seeking low-cost flexible, expansion capital.
Loan Amount: Up to $50,000
Use of Funds: Expansion capital, business vehicle purchases, equipment, leasehold improvements, and other legitimate business expenses that support revenue growth.
Overview & Benefits
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 expansion capital, business vehicle purchase, business equipment, leasehold improvements, and other items needed to increase revenue and profit.
Details & Eligibility
Loan details:
- 2.00% fixed interest rate
- 5-year term
- Year 1: interest-only
- Years 2–5: monthly principal & interest payments
- No loan fees or closing costs
To qualify, your company must meet the following requirements:
- Under $500,000 in revenue
- Under 10 employees
- Successfully graduated a business accelerator program
- In business for at least 2 years
- Primary business location in Maryland
- In good standing with the State of Maryland
Requirements
To ensure responsible lending and long-term success, VOLT Microloan Fund loans typically require:
- Personal guaranty from all owners with 20%+ ownership
- Minimum credit score of 600 for guarantors, with all accounts paid up to date
- UCC filing against business assets
- Submission of:
- Business tax returns
- Personal financial statement for any owner with 20%+ ownership
- Financial projections showing the ability to service the proposed debt
- A breakdown of use of funds to accompany your expansion plan, with projections showing the impact of funding on profitability
VOLT Microloan FAQs
What size loans does the fund issue under this program?
The fund issues loans up to $50,000.
Where does my business need to be located in order to possibly qualify?
The business must be located in or relocating to the State of Maryland. Half of the fund’s investment will be targeted to small, minority, women and veteran owned businesses located within a ten mile radius of Maryland’s six existing casinos, Maryland Live in Anne Arundel County, Hollywood Park in Cecil County, Rocky Gap Casino in Allegany County, Ocean Downs in Worcester County, MGM in Prince Georges County and the Horseshoe Casino in Baltimore City. The other half will be available to small businesses throughout the State of Maryland.
If my business is not located in Anne Arundel County, can I still apply for the VOLT Fund?
Any business in the State of Maryland can apply for the VOLT Fund. However, borrowers located in Montgomery, Howard, Prince Georges, Baltimore County and Baltimore City should first contact their local fund manager regarding funding. Contact information for all fund managers are available at the following link: https://commerce.maryland.gov/fund/programs-for-businesses/vlt
How do you define a small business?
Small business is defined by SBA size standards. You can check your business by NAICS code at the following website: https://www.sba.gov/federal-contracting/contracting-guide/size-standards/size-standards-tool
Does the VOLT Microloan program fund startup businesses?
The VOLT Micro loan program does not provide start up financing. Rather, it supports businesses in existence over two years to grow and scale.
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Success Stories
“It’s hard to believe how much has changed for my business since I first even heard of AAEDC. I’m excited to be putting what I learned from IVP and the capital that I was able to access through the VOLT Microloan program to work – increasing my revenue, creating jobs, and taking my business to the next level.”
Yalmikia Edmonds
Levonye Professionals
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Success Stories
“We had just gained access to new land that could double our production, and we knew an affordable loan would help us accomplish that goal much faster than we could have on our own.
This infrastructure is helping us manage our new leased land and increase our production quickly. Without the loan, it might’ve taken us two or more years to save up – now, we’re planning to add 1,500+ chickens this year and have already doubled our lamb program.”
Vicki Haberkom
Morris Hill Farm
Ready to Take the Next Step?
If you’re ready to invest in growth without high costs or complex fees, the VOLT Microloan Fund may be the right fit.
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