What is Maryland Capital Enterprises

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What is Maryland Capital Enterprises?

Maryland Capital Enterprises
P.O. Box 1844 · Salisbury, MD 21802
1-866-MARY CAP · 410/546-1900 · 410/546-9718 fax
E-mail: Hayley Gallagher

Starting your own business

Regardless of your education, sex or race, you can start your own business and succeed. It will be hard work and take time and effort on your part, but Maryland Capital Enterprises will assist along the way. Our programs will train you to understand how to manage your business.

MCE assisted with a loan to Capt. Chris Daniels of Deal Is. to start his charter boat business.

You'll learn how to market your product or service. If you need capital to start or expand your business, we may be able to help. If you're stuck in a job that's going nowhere, underemployed or unemployed, starting your own business can be the means to earning more money, gaining more security, and more satisfaction from life.

MCE's Mission
Statement is...

"To create, develop and promote a new strata of microbusinesses by providing loans, education and technical assistance to entrepreneurs primarily in economically distressed communities."

The majority of businesses in America are small with less than 30 employees. Small business is also the fastest growing segment of our ecomony. And small businesses sometimes grow into BIG businesses.

m¢e can help you finance your new business

In fiscal year 2003, microenterprise lenders will invest over $255 million to start or expand businesses in the U.S. Funds are loaned through organizations similar to Maryland Capital Enterprises - over 425 across America.

MCE's Revolving Loan Program

Qualifying for a loan -
· Established business with the ability to repay.
· Collateral required.
· Flexible credit requirements.
· Business and personal references.
· Business training may be required.

Amounts - Loans are made from $2,000-$35,000.

Approval - Loans applications are reviewed by local volunteers - bankers and community leaders.

Term/Interest - 1 - 5 years (depending on loan size). Rates are set at 10-12%.

Use of Loans - Equipment, operations, business supplies.

Some examples of microbusinesses funded by Maryland Capital Enterprises include a: day care center, learning center, magazine publisher, charter boat business, landscaping company, auto detailer, trucking company, and computer service.

Technical Assistance is
also provided for:

· Needs Assessment- focusing on 3 aspects: Marketing, Product and Finance;

· Review and Development of a Business Plan (in conjunction with the SBDC);

· Providing Access to Market and Marketing;

· Quarterly Site Visits (or as needed) after a loan has been made- focusing on factors of the Needs Assessment;

· Computer Technology - On-Site Assistance, Access and Support for Training.

Alterations by Felicia - Starting out in her home, Felicia now operates her seamstress business at a storefront on Salisbury's Main St. with assistance from MCE.

Microenterprise is capitalism at its best...

Microenterprise development started in the 1970's as a philanthropic program to fund small businesses in poor Latin American villages to improve the standard of living. It was successful. A small loan could provide jobs, growth and even relative prosperity for a village. Here, in the U.S., microenterprise development started informally in the 1980's and became formally organized in 1991 with the founding of the Association for Enterprise Opportunity.

Your success makes your community stronger

· Microlending programs are seen as providing hope, opportunity, increased self respect, and a sense of achievement to individuals traditionally bypassed by the economic mainstream, including minority groups and stressed urban and rural communities.

· Micro-businesses provide entrepreneurial role models for young people.

· The businesses that are established retain and circulate more income in low-income communities, helping to stabilize their economies.

· They create a sense of community ownership.

· The skill building and asset building dimensions of the program equip participants to make a greater contribution to their communities.

"Microenterprise Development"
is defined as...

· Providing support to startup or expanding businesses that employ fewer than five individuals,

· Have a capitalization need of $35,000 or less,

· Do not have access to traditional lending institutions.

Bob Stewart and Tijuana Smith of Salisbury received marketing assistance and access to various markets to increase microbusiness exposure.

Maryland Capital Enterprises is certified by the U.S. Dept. of the Treasury as a "Community Development Financial Institution."

The Community Development Financial Institutions Fund of the United States Department of the Treasury has certified Maryland Capital Enterprises, Inc. as a "Community Development Financial Institution" (a CDFI). The Fund has determined that MCE's target market is a low income targeted population, comprised of low income individuals and families, residing in Wicomico, Worcester, Somerset, Kent, Queen Anne's, Dorchester, Talbot, and Caroline Counties in Maryland.