Maryland Capital Enterprises, Inc. (MCE) was founded in 1998 with the assistance of the UMES Rural Development Center (RDC) who spearheaded the task force to develop a solution for the under-banked and under-served entrepreneurs of Maryland’s Eastern Shore. The RDC also provided startup funding for MCE, which was incorporated in March 1998. Maryland Capital Enterprises, Inc. obtained its 501(c)(3) status in November of that year. The first executive director was hired and program operations began in March 1999.
MCE was established to provide services to Maryland’s Eastern Shore small business owners and potential owners who otherwise lack the collateral and/or credit to give them access to conventional loans and other financial products. Services include business loans, business consulting, business education, and networking opportunities.
Maryland Capital Enterprises, Inc.’s revolving loan fund was implemented with a loan from a sect of nuns and in December of 2001, we were certified as a Community Development Financial Institution (CDFI) by the U.S. Department of Treasury. In 2003, MCE was granted certification as an “SBA Intermediary Lender” for the State of Maryland and has since received certification as a USDA Intermediary Lender, State of Maryland Intermediary Lender, and OFN (Opportunity Finance Network) member. We are members of AEO (Association for Enterprise Opportunity).
Maryland Capital Enterprises, Inc. started out only providing limited business development services and $500 loans. Now we are providing loans up to $250,000 with a variety of business services, including the Women’s Business Center!
We have grown from loans of $500 to providing microloans up to $50,000 and small business loans up to $150,000. MCE has also become certified as a Community Advantage Lender by the SBA and is able to finance small business loans up to $250,000 with an SBA 7A guarantee. With this, Maryland Capital Enterprises, Inc. has grown our loan portfolio from about $1 million in 2009 to a portfolio of over $10 million as of 2021.
In 2012, MCE was invited to expand into the Baltimore area. Our service area now includes Baltimore City and both Anne Arundel and Baltimore Counties. An office was established in Baltimore in 2013 in space donated by the Central Baltimore Partnership.
Maryland Capital Enterprises, Inc. was funded to establish the Women’s Business Centers in Maryland through the SBA in 2013, with centers in Salisbury and Baltimore to serve those regions.