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Harbor Bank, Cerebro Capital commit $50M to small business loan program

The Harbor Bank of Maryland on Wednesday announced a partnership with Cerebro Capital, a commercial loan marketplace, to provide $50 million in loans to small businesses within the Baltimore-Washington metro region.

The program, which will offer loans as large as $2 million, is focused on increasing access to capital for minority-owned businesses, which traditionally have been underserved by the commercial credit market.

As a result of the partnership, the loan program offers unique benefits at no cost to small businesses using the Cerebro platform to access the loans. These include:

  • Open to businesses with a limited operating history and collateral to remove traditional barriers to small business loans
  • Dedicated underwriters to ensure that loan requests originated from Cerebro’s platform will be processed immediately
  • The Harbor Bank of Maryland will provide term sheets within 24 business hours to qualifying borrowers
  • Favorable terms and options

The Harbor Bank of Maryland is a Federal Deposit Insurance Corporation (FDIC) designated Minority Depository Institution and minority-owned. It is the only commercial bank headquartered in Baltimore and is a participating lender in the U.S. Small Business Administration’s 7(a) program.

Harbor Bank has a 40-year track record of providing catalytic capital and technical assistance to historically marginalized businesses, families and communities.

Harbor Bank and its Harbor Bankshares’ affiliates represent three of Baltimore’s seven U.S. Treasury CDFIs, requiring 60% of loans and services be made in low-income communities. Harbor Bank is a vital community anchor that accelerates wealth creation and development within the Greater Baltimore Washington region.

Cerebro Capital was started in 2017 to help democratize access to debt capital for middle-market companies. It has grown rapidly since its inception and today works with thousands of borrowers to connect them to lenders from over 1,500 lending institutions to provide credit and loans up to $100 million.