BALTIMORE (WJZ) — At a time when many are struggling to stay afloat, the city opens an opportunity for small businesses.
Political reporter Pat Warren explains Baltimore expects a new micro loan fund to benefit entire neighborhoods.
In the world of fashion, Jody Davis wears a lot of hats. She joined the mayor and other small business-owners Wednesday morning for the launch of a city micro loan fund, money available to Baltimore-based businesses with annual revenues of under a million dollars.
“The economics makes it really a challenge and this product that they’re coming out with for micro loans would help a person like myself just propel forward,” Davis said.
And as small businesses go, so goes the city.
“They create a buzz that attracts people, not just from that community and from the city but a buzz throughout the region and we want to happen in more Baltimore neighborhoods,” said Mayor Stephanie Rawlings-Blake.
The micro loans are between $5,000 and $30,000.
“Growing a business not just helps myself, it helps the economy in general,” said Davis.
Baltimore small businesses get another plug from the mayor this weekend on her Small Business Saturday tour, which follows Black Friday.
Loan applications will be accepted starting December 17.