Property Acquisition Support for Small Businesses
Own Your Future is a program of the Maryland Department of Housing and Community Development (DHCD). It provides financial assistance to help small businesses buy property they can operate in and use to build wealth. The program is funded by the federal State Small Business Credit Initiative (SSBCI).
Eligible Uses of Funds
You can use the funds to purchase or renovate commercial real estate. Examples include:
- Buying the space where you currently operate or moving to a new location.
- Buying property for the first time if you do not have a storefront (such as an e-commerce business or food truck).
- Buying property as a part of an expansion for your company.
Occupancy requirements:
- Renovation projects must be at least 51% owner-occupied upon completion.
- New construction must be at least 60% owner-occupied upon completion.
Loan Requirements
You must meet these requirements:
- Provide a minimum of 1:1 private capital match. (For every dollar of the DHCD loan, you must provide at least one dollar from a private source.)
- Loan amount must be at least $500,000 and no more than $5 million.
- Personal guarantees are required from all owners with more than 20% equity.
- Provide adequate collateral
- Total project costs cannot exceed $20 million.
Loan Terms
Loan terms are flexible and focus on maximizing community benefit. They include:
- Up to 30 years loans
- Senior or subordinate loan positions available
- Interest rates determined by underwriting analysis
Eligible Business
Your business must meet these criteria:
- It has fewer than 500 employees
- The project is not 100% residential (mixed-use project may qualify)
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Your business cannot be:
- Adult entertainment facilities
- Check cashing facilities
- Gambling facilities
- Gun shops
- Liquor stores
- Massage parlors
- Pawn shops
- Tanning salons
- Tattoo parlors
- Cannabis businesses
Application
Apply online using the application portal.
For more information:
