FOR MORE INFO CALL
301 739 8577 x111
Minority and Woman-owned Business Program
3/10/2010
In 2009, the City of Hagerstown Economic Development Department received $100,000 in grant funding from the US Small Business Administration to provide assistance to Hagerstown Minority and Woman-owned Business Enterprises over the next three years.
The program has three parts. The first part is a Revolving Loan Fund (RLF) offering up to $7,500 in immediate operating funds to weather the current economy. The second is the Technical Assistance (TA) to improve business operations and emerge from the current economy stronger to meet future challenges. The third is Networking and Promotion to encourage business owners to work cooperatively and support the talents and products of their fellow businesses.
An informational meeting about the three parts of the program was held in November 2009 in the City of Hagerstown Council Chambers and was rerun on Hagerstown Government Television Antietam Cable Channel 6.
To qualify for a loan or technical assistance businesses must be:
• Hagerstown-based, within the corporate limits of City of Hagerstown
• A small business (as defined by SBA)
• Fully-licensed, legally-operating, and current with taxes
• Owned and operated by a person from a recognized minority group or a woman;
• In business for at least two years
• Viable – having shown a profit for at least two quarters within the last two years
Businesses that meet the criteria can get an application for the Revolving Loan Fund from the Office of Economic Development now or on-line at www.hagerstownadvance.com/doing-business/incentives/mwbp. Please return completed forms and materials to the Economic Development office for review by the Hagerstown Redevelopment Authority staff in November. There are no deadlines for submission, however, funds are limited so early application is encouraged.
Applications are also available now for the Technical Assistance from the Economic Development office and on-line at www.hagerstownadvance.com/doing-business/incentives/mwbp. Completed applications will be taken by the Economic Development office and an appointment made for a meeting with the Advisory Review Board. This program may be used for up to $1,000 in technical assistance from experts in accounting, finance software, bank loan applications, staff management and training, efficient operations, new market and product development, language interpretation and more.
For more information and application forms, please contact the Department of Community and Economic Development, 14 N. Potomac St., Ste. 200 Hagerstown, MD 21740, 301-739-8577 x 111.
This project is funded by a grant from the U.S. Small Business Administration (SBA). SBA's funding should not be construed as an endorsement of any products, opinions or services. All SBA-funded projects are extended to the public on a non-discriminatory basis.
