State Small Business Credit Initiative (SSBCI)
Discover Maryland’s SSBCI – a federally funded program designed to offer crucial loans and investments to the Maryland’s small businesses. Aimed at providing ongoing support during the pandemic, this initiative opens doors to capital for businesses facing challenges due to social, geographic, and economic factors.
State Small Business Credit Initiative (SSBCI)
Discover Maryland’s SSBCI – a federally funded program designed to offer crucial loans and investments to the Maryland’s small businesses. Aimed at providing ongoing support during the pandemic, this initiative opens doors to capital for businesses facing challenges due to social, geographic, and economic factors.
How does MBOC help?
Facing rejection for a small business loan or line of credit?
Unlock the door to financial possibilities with our complimentary financial advisory consulting services. Wondering what this entails? If your personal financial history led to the denial, our consultants are ready to engage with you individually, guiding you through the process of rebuilding your financial profile. Say goodbye to setbacks and hello to a brighter financial future with MBOC by your side.
Looking to fortify your small business credit?
Explore the possibilities with our complimentary one-on-one consulting tailored to help you build and strengthen your small business credit. Unleash a world of opportunities for scaling your business by empowering it with a robust credit foundation. Let MBOC be your partner in the journey to small business success.
Exploring the State’s SSBCI?
Look no further! MBOC is your vehicle to propel your business to financial success. Proudly serving as the technical assistance grantee for SSBCI, we’re thrilled to guide you on the path to victory. Take the first step towards building a solid financial foundation for your small business by registering now with MBOC. Your journey to financial success begins here.
Who’s eligible?
Maryland-based small businesses with fewer than 500 employees.
Use the funds for:
- Launching or expanding your business
- New construction or rehabilitation of owner-occupied spaces
- Machinery and equipment
- Real estate acquisition for owner-occupied spaces
- Manufacturing, service providers, and retail businesses
Funding criteria:
Ensure your business meets the cash flow and collateral requirements for loans. Seize this opportunity to fuel your business growth with Maryland’s SSBCI – a pathway to financial empowerment!
- Requires a 1:1 private capital match from a lender or investor
- Priority for businesses in a CDFI Investment Area
- Emphasis on very small businesses (< 10 employees)
Steps in the Consulting Process
- Initial Consultation: Meet with a consultant to discuss your business needs, challenges, and goals.
- Assessment: Analyze your business to identify strengths, weaknesses, opportunities, and threats.
- Strategy Development: Create a customized action plan outlining the steps needed to achieve your business objectives.
- Referral for Technical Assistance: Depending on the specific needs of your business, we can refer you to trusted professionals for specialized technical assistance in areas such as financial advisory, accounting and bookkeeping, and legal services. These referrals ensure you receive expert support tailored to your business requirements.
What do we offer?
- Financial Advisory Consulting
- Financial Webinars and Workshops
- Loan Packaging Assistance
- Accounting and Bookkeeping Assistance
- Business Plan Assistance
- Networking Opportunities
Loan Packaging Information
- Eligibility Assessment: Determine if your business qualifies for loans or other financing programs.
- Documentation Preparation: Assist in gathering and organizing necessary documents such as business plans, financial statements, tax returns, and credit histories.
- Application Assistance: Help complete loan applications, ensuring all information is accurate and comprehensive.
Additional Services
- Financial Analysis and Planning: Offer financial modeling, budgeting, and forecasting services.
- Training Workshops: Conduct workshops on various topics such as business management, financial literacy, and marketing.
- Networking Opportunities: Facilitate connections with potential partners, investors, and mentors.
- Technical Assistance Referrals: Connect you with professionals for specialized assistance in financial advisory, accounting and bookkeeping, and legal services to ensure comprehensive support for your business.
Different Partnerships
- Financial Institutions: Collaborate with banks and credit unions to provide access to loan programs.
- Local Government: Work with state and local government agencies to support small business initiatives and access grants.
- Chambers of Commerce: Partner with local chambers to offer networking opportunities and business development resources.
- Professional Service Providers: Maintain a network of trusted financial advisors, accountants, bookkeepers, and legal professionals to whom we can refer clients for specialized technical assistance.
SSBCI Partners
Frequently Asked Questions
Do I need a business plan to work with the SSBCI program?
Yes. However, if you do not have a written business plan, you can collaborate with a Maryland Business Opportunity Center (MBOC) consultant. Once you complete your business plan, you can then work with an SSBCI consultant to secure capital.
Does the SSBCI program work with pre-venture/startup businesses?
No. You need to be an existing business looking to apply for capital within the next 30-60 business days. Pre-venture and startup clients can participate in partner training programs within the state of Maryland to prepare for MBOC or SSBCI services.
Do I need financial projections to work with the SSBCI program?
Financial projections are preferred, but not required.
Can my business be in a sin industry such as alcohol, tobacco, gambling, sex-related industries, weapons manufacturing, or cannabis?
No.