FAQ's

Questions Answered:

How do I get a loan for my business?
There are a number of resources available when it comes to getting a loan for your business. Local lenders such as banks have loan programs. You can also look into federal lenders, SBA- Small Business Administration or State Lenders like DEBED Maryland Department of Business and Economical Development. For additional information go to our financial assistance section of our website.

How do I incorporate my business?
The first step your incorporating your business is choosing your businesses entity. There are several forms the most common are, sole proprietor ships, partner ships, limited partner ships, limited liability companies and corporations. Select a state in which to incorporate. Select and reserve a corporate name. Decide on classes of stock. Choose directors for your corporation. Select a registered agent for your corporation. Prepare your articles of incorporation. This and more information can be found in the small business resource centers library. Or, go to our business assistance, starting your own business section of our website.

How do I start a non-profit business?
You should have a core group of people committed to a common purpose and who understands how they will establish the organization and raise money to carry about the planned activities. The group should develop a base-working plan for the organization or project by setting its goal, planning activities ad developing a fund raising plan. For more detailed information log on to www.mdnonprofit.org.

How do I find a Micro-Loan?
There are several lenders available for micro-loan information. The SBA (federal) has a 7 (m) micro loan program. This micro loan program provides small loans ranging form under $500 to $35,000. For more info on this micro loan contact The Community Lending Group C/O Development Credit Fund, Inc.