The new MCE Women-Owned Business Loan (WOBL) Fund has loaned over $500,000 to businesses owned by women on The Eastern Shore and in the Annapolis-Baltimore area since being founded. Launched last August by Salisbury-based Maryland Capital Enterprises, Inc. (MCE), the fund makes small business loans $5,000 – $150,000 to businesses owned by women in the target area and provided them technical assistance through the MCE Women’s Business Center (WBC) with offices in Salisbury and Baltimore.
The WOBL Fund and WBC are a part of MCE’s effort to assist the fastest growing segment of business owners— women. The advisory boards are co-chaired by two prominent women entrepreneurs. They are Dr. Maya Rockeymoore Cummings, principal of Global Policy Solutions and wife of US Congressman Elijah Cummings (DMD) and Mitzi Perdue, Perdue family matriarch.
The Fund was started with a $500,000 allocation from MCE, which has increased to $750,000. With the success of the effort, more funding is being sought.
“We saw a need from the number of women that were approaching MCE,” said MCE President/CEO Joe Morse. “We decided to focus a part of our operation on addressing this need and were able to secure some funding from the Treasury Department and the Small Business Administration.”
Businesses assisted by the Fund include beauty salons, day care centers, retail stores, professional consultants, insurance agencies and health care professionals.