The Military Personnel and Service-Disabled Veterans No-Interest Loan Program (Program) is administered by the Department of Business and Economic Development (DBED or Department) in consultation with the Maryland Department of Veterans Affairs (MDVA). The Program was established in 2006 to assist military reservists and National Guard members called to active duty, service-disabled veterans, and businesses that employ or are owned by such persons.
For businesses owned by military reservists and National Guard members called to active duty, and for small businesses that employ such persons, the purpose of the Program is to assist with costs that result from the call to active duty. For service-disabled veterans, businesses owned by service-disabled veterans, and businesses employing service-disabled veterans, the purposes of the Program are to assist with the cost of making the home, motor vehicle, or place of employment of a service-disabled veteran accessible to individuals with disabilities, and to defray other necessary expenses incurred by the employer of a service-disabled veteran as a result of the veteran’s disability, or by a service-disabled veteran or a business owned by a service-disabled veteran.
Eligible applicants include businesses owned by military reservists and National Guard members
called to active duty, and small businesses, with fewer than 50 employees, that employ them. For reservists or National Guard members called to active duty, Program funds must be used for payment of identifiable costs of the business, including general business expenses, which result from the call to active duty. The loan may be made at any time from the date of the call to active duty through the period ending six months after the end of the individual’s active duty. Eligible applicants also include service-disabled veterans and businesses that employ them or are owned by them. For service-disabled veterans, Program funds must be used either for the acquisition of equipment or for the payment of other necessary expenses, including general business expenses necessary to start or sustain a business operation.
No interest loans range from $1,000 to $50,000. Loan maturity will be from one to eight years. The loan repayment period usually will not exceed the useful life expectancy of the equipment to be purchased. For more information about the program, go to www.choosemaryland.org