The Military Personnel and Veteran-Owned Small Business No-Interest Loan Program has been met with great interest over the course of the last few years.
Due to expanded eligibility and increased interest, the program has received a growing number of applications. As a result, the program has temporarily discontinued accepting new loan requests until existing applications are processed and the availability of funds is reevaluated.
The program is designed to serve the following categories:
- A small business owned by a military reservist or a National Guard member called to active duty
- A small business that employs a military reservist or National Guard member called to active duty
- A veteran small business owner or a veteran seeking to start a small business
- A small business that employs a service disabled veteran
The purpose of the program is to provide financial assistance to small businesses in the categories listed above. The State of Maryland supports veterans who have served our country, as well as the small businesses that employ them.
No interest loans range from $1,000 to $50,000. Loan maturity will be from one to eight years. The loan repayment period usually will not exceed the useful life expectancy of the equipment to be purchased.