Relief For Renewing Small Businesses

FSC First To Administer The VLT Flex Fund Grant Program for Maryland Small Businesses

Small business has suffered great losses during this pandemic. And as we slowly and carefully come out of the darkness, the future of small business depends on support, relief, and a sense of renewal. That’s why FSC First will be administrating the VLT Flex Grant/Loan Matching Fund, aka the Minority and Women Owned Business Account COVID-19 Relief Program, as a 50/50 matching grant/loan program for Maryland small businesses.

Loans will be matched with a grant up to 50% of the qualified loan amount or $50,000, whichever is less, and have terms up to seven years. The grant will be disbursed once the loan proceeds are utilized for leasehold improvements, real estate purchase, furniture, machinery, equipment or inventory. All funds (loan and grant) must be fully disbursed by June 30, 2021. This program is available for existing businesses that can demonstrate ongoing impact from the COVID-19 pandemic. The term and rates are dependent upon underwriting and the business must demonstrate the ability to repay the loan portion of the debt. Collateral and a personal guaranty will also be required for the loan portion of the debt. The business must qualify and be approved for the loan in order to receive the grant. The borrower/grantee will be required to provide reports on the status of the business, jobs retained or rehired and financial statements.

Qualifying small businesses can apply online by the deadline of May 17,2021. For further assistance and information, please email info@fscfirst.com. Interested parties may also register at this link for an informational webinar about this program that will air on Zoom on April 27th at 4pm.