if your businesses has been impacted by the shutdown and is located in an Approved Sustainable Community.  it may qualify for special financial assistance.  Link is:  https://dhcd.maryland.gov/Communities/Pages/dn/communities.aspx

 Neighborhood Revitalization Mapper  (Sustainable Communities): https://dhcd.maryland.gov/maps/Pages/default.aspx

In addition to deferments, eligible distressed clients (due to the pandemic) can apply for the regular  Neighborhood BusinessWorks loan program. This a flexible financing loan program for businesses located in sustainable communities.

Maryland Business Recovery Loan Program Fact Sheet

Purpose of the Program:

The Maryland Business Recovery Loan Program is an emergency program to assist eligible small businesses affected by the Coronavirus Crisis in the spring of 2020.   Eligible applicants must apply by April 30, 2020.

Eligible Applicants:

Neighborhood Business Works “Classic Loan” borrowers impacted by the Corona Virus Crisis (COVID-19). 

Length of Deferment Available:

1. Up to 90 days with an additional 90 days at the sole discretion of the Maryland Department

          of Housing & Community Development Division of Credit Assurance (DCA)

   Eligible Businesses:

• Neighborhood Business Works – “ Classic Loan Borrowers” 

Request:

• Deferment of monthly loan payment as referenced in promissory note

 Terms:

• Borrower must request deferment in writing (Email and/or U.S. Mail) to Jack Daniels or Dedra Hicks. See contact information below

• Borrower must certify that their business was impacted by response to Coronavirus

• Acknowledgement that the forbearance is a deferment of three (3) months of the scheduled payments, and that any additional extensions must be requested by the borrower and approved by the Department; All other terms and conditions outlined in the loan documents remain unchanged

• Personal acknowledgement of deferment approval by letter or email to State of Maryland/DHCD/DCA

Restrictions:

The following situations may preclude borrowers from being considered for deferment:

• Loans greater than 30 days delinquent at the time the application is submitted;

• Loans classified other than Neighbor Business Works Classic Loans (NBW Classic)

  Application:

  A complete application consisting of the items referenced in the Terms above must be submitted before a business application for payment deferment can be fully processed. 

  For Additional Information

  Please contact:

  Jack Daniels                                                                                        Dedra Hicks

  Senior Asset Disposition Manager                                                       Senior Asset Manager

  Phone: 301-429-7685 (Office) 443-714-1117 (Cell)                           301-429-7683 (Office) 410-634-2389    

  Email: jack.danels@maryland.gov                                                     dedra.hicks@maryland.gov