January 13th, 2024 by WCBC Radio
The City of Cumberland announces a $100,000 Micro-Revolving Loan Fund. The Micro-Revolving Loan Fund (MRLF) is designed to assist with current and new small businesses that are or will be in the City of Cumberland with funding that may not be attainable through traditional lenders. This fund is not a grant fund and is intended to continue to provide funding through the revolving payments of principal and interest of prior borrowers.
The MRLF is available to businesses within the City limits of Cumberland that employ less than 100 employees and will offer low interest loans of $2,000 – $10,000 for a term of twenty-four (24) to sixty (60) months. The current interest rate is three percent (3%). This fund will be open to accepting more risk than a traditional lender, but will be diligent in requiring applicants to be invested in the project and to understand the financial commitment. The loan can be used for: Working Capital; Building Improvements; Building Upgrades; Business Relocation; Furniture, Fixtures and Equipment (FF&E) Purchase; and Business Disruption Funding (Baltimore Street Project). (The MRLF cannot be used to purchase real property).
For application and guidelines information, visit
https://www.cumberlandmd.gov/DocumentCenter/View/4482/MRLF
Questions can be addressed to the Director of Administrative Services by email:
Ken.Tressler@cumberlandmd.gov.
