Governor Hogan Launches Loan Program to Help Baltimore’s Small Businesses Recover and Rebuild

 DHCD’s Small Business Lending Team Reaches Out to Hispanic and Korean Business Owners

First Lady Yumi Hogan joins Korean business owners in Columbia during a presentation on resources available through DHCD’s small business lending programs.

Columbia, MD – Members of DHCD’s small business lending team met with Korean and Hispanic business and community leaders Tuesday to acquaint them with the Maryland Business Recovery Loan program, Governor Hogan’s initiative to help Baltimore businesses hurt by the recent civil unrest cut through the red tape and obtain rapid access to the financing they need to rebuild. The effort is part of the governor’s comprehensive response to the destruction that rocked the city. More than 200 businesses, many minority owned, were destroyed and many others sustained significant losses.

Through the Maryland Business Recovery Loan program, businesses can receive zero-interest microenterprise loans of up to $35,000 for a term of between one to five years. Businesses with greater losses might qualify for flexible gap financing through DHCD’s Neighborhood BusinessWorks program. Learn more about DHCD’s resources for small businesses.

In addition, DHCD is providing Korean and Spanish translation services to ensure that language will not be a barrier. The Hispanic and Korean business communities were severely hit and DHCD is on the forefront with helping those businesses as they try to rebuild.

Governor Hogan has activated the resources of state government to ensure that Baltimore comes back better and stronger than ever from the disturbing events of the past week.

“I have been heartened by the tremendous outpouring of support for the rebuild efforts, not only from city residents but from caring people all across the country,” Governor Hogan said. “And I have asked my Cabinet Secretaries to work together with Mayor Stephanie Rawlings-Blake to provide whatever the City of Baltimore needs to respond to this emergency.”

DHCD staff met with Hispanic business owners at the Latin Palace in Baltimore and Korean business owners at the Gyung Hyang Garden Korean Church in Columbia to answer questions and begin taking loan applications.

In Columbia, Assistant Secretary Carol Gilbert joined First Lady Yumi Hogan, Special Secretary Jimmy Rhee of the Governor’s Office of Minority Affairs, and others at the Gyung Hyang Garden Korean Church. Learn more about Maryland’s new first lady.

A business owner examines a Korean translation of the small business loan application.

Speaking before an intensely interested, standing-room-only audience, Gilbert said the loans can be used for items such as renovations, repairs to security systems, inventory replacement and other costs associated with recovery and reopening.

Addressing the audience in Korean, Mrs. Hogan assured the audience of the Hogan administration’s commitment to restoring their businesses.

“DHCD is committed to putting the resources that are available through our small business lending programs to ensure that the hardworking business owners in the affected communities have access to the capital they need to recover, rebuild and grow,” said Secretary Holt.

Secretary Holt has made small business lending a DHCD priority, with a goal of growing the agency’s efforts from $5 million to $50 million.

“DHCD will play a unique role in meeting the mandates of the Hogan administration to change Maryland for the better because of the vast portfolio of the department,” Holt said.

“DHCD has the broadest reach of any state agency and the ability to positively impact our economic growth by focusing on our customers and how we can best serve them,” the secretary continued. “DHCD can improve lives and families while strengthening our communities and building a stronger economy.”