Harbor Bank of Maryland on Wednesday announced a partnership with Cerebro Capital, a commercial lending marketplace, to provide $50 million in loans to small businesses in the Baltimore-Washington metro area.
The program, which will provide loans of up to $2 million, aims to increase access to capital for minority-owned businesses, which have traditionally been underserved by the commercial credit market.
Through this partnership, the loan program offers unique benefits at no cost to small businesses using the Cerebro platform to access loans. These include:
- Open to businesses with limited operating histories and collateral to remove traditional barriers to small business lending
- Dedicated underwriters to ensure loan requests from Cerebro’s platform are processed immediately
- Harbor Bank of Maryland will provide term sheets within 24 business hours to eligible borrowers
- Advantageous conditions and options
Harbor Bank of Maryland is a minority-owned Federal Deposit Insurance Corporation (FDIC) designated deposit-taking institution. It is the only commercial bank headquartered in Baltimore and a participating lender in the US Small Business Administration‘s 7(a) program.
Harbor Bank has 40 years of experience providing catalytic capital and technical assistance to historically marginalized businesses, families and communities.
Harbor Bank and its Harbor Bankshares affiliates represent three of the seven US Treasury CDFIs in Baltimore, requiring 60% of loans and services to be given to low-income communities. Harbor Bank is a vital community anchor that accelerates wealth creation and development in the Greater Baltimore Washington area.
Cerebro Capital was launched in 2017 to help democratize access to debt capital for middle market businesses. It has grown rapidly since its inception and today works with thousands of borrowers to connect them with lenders from over 1,500 lending institutions to provide credits and loans of up to 100 million dollars.