Access to the capital and credit you need to start or grow your business is difficult for all small business owners, and especially difficult for minority business owners. A recent study conducted for the United State’s Department of Commerce’s Minority Business Development Agency found that even after accounting for differences in factors like size and credit history:

• The loan denial rate for African American owned businesses was 27.1 percent higher than that for white owned firms.
• The loan denial rate for Hispanic firms was 23.8 percent higher than that for white owned firms.
• The loan denial rate for other minority groups was 5.2 percent higher than that for white owned firms.
• When loans are approved, African American firms pay an average of .97 of a percentage point higher interest rate than white owned firms.

The following links contain general information about obtaining financing for your business:

The U.S. Small Business Administration

SBA provides a number of financial assistance programs for small businesses including 7(a), 504 and disaster assistance loans. Within this section, we’ll review eligibility requirements, SBA’s loan programs, surety bonds and the role of SBA, equity capital topics, special purpose loans, SBA partner topics and 7(a) lender programs. Though the SBA does not provide grants to help you start a business, included is information on organizations and sites that can assist you in locating special purpose grants.
http://www.sba.gov/financing/index.html

The U.S. Department of Commerce’s Minority Business Development Agency

The Minority Business Development Agency (MBDA) is part of the U.S. Department of Commerce and is the only federal agency created specifically to foster the establishment and growth of minority-owned businesses in America. Although businesses with revenues of $1 million or more constitute just 3% of the overall minority business community, these businesses are responsible for 66% of the total revenues of minority-owned enterprises and 54.4% of employment. Increasing the number of medium and large minority businesses is in the short and long term strategic interest of achieving MBDA’s Vision of wealth creation.  In pursuit of entrepreneurial parity, MBDA has established a Strategic Growth Policy. The Strategic Growth Policy is designed to address the issue of sustainable business value for firms of size operating in growth industries.   

http://www.mbda.gov/index.php?section_id=2

The following are links to specific sources of business funding in Maryland:

Maryland Department of Housing and Community Development

The Department of Housing and Community Development is dedicated to improving the quality of life in Maryland by working with its partners to revitalize communities, and expand homeownership and affordable housing opportunities.  The Department’s goals are to improve communication, assist in evaluating and improving programs, and to help create an environment within DHCD that elicits and rewards excellent customer service.
http://www.dhcd.state.md.us

Maryland Small Business Development Financing Authority Management Group Corporation

Meridian Management Group, Inc. is a professional asset manager for economic development and private equity funds.  MMG manages a comprehensive State program fund, providing qualified clients with the essential and critical tools needed for a company to grow, succeed and leverage opportunities through the Maryland Small Business Development Financing Authority (MSBDFA)
www.mmggroup.com

Small Business Administration Local Offices

Baltimore District Office
Washington D.C. District Office