Five lenders added to Baltimore small business loan program

12/7/2011

Baltimore County, Maryland's Small Business Loan Partnership has added five new lenders, boosting its overall roster to 20 banks, the Baltimore Business Journal reports.

The additional institutions added a total of $2.05 million to the allocated lending budget, which now stands at $12.35 million. The lenders intend to disperse the funds to small businesses in the area over the next three years.

The Essex-Middle River Patch reports that one company to benefit from the partnerships loans is hoses and hydraulic fitting business Colliflower. With a loan from the SBLP, the company was able to build a new location in Middle River and expand its employee base.

"It allowed us to focus on growing our business instead of concentrating on operating expenses," president Hunter Cochrane told the news source.

BBJ notes that approximately 37 companies have received a total of $8.4 million in loans since the program's inception in 1996.

In order to qualify, businesses must have 100 employees or less, and can only use the loans for building and equipment purchases or renovations, not working capital.