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$1M fund to provide loans to new, returning Lexington Market vendors

$1M fund to provide loans to new, returning Lexington Market vendors
LEXINGTON MARKET IS LOOKING FOR VENDORS TO JOIN THEM WHEN IT MOVES TO ITS NEW BUILDING NEXT DOOR COMMUNITY MEMBERS SAID WHAT THEY WANT IN A NEW MARKET IS FRESH AFFORDABLE FOOD AND MORE VARIETY THE SECOND THING THAT WE’VE HEARD FROM COMMUNITY IS THEY WANT THE BUSINESS OWNERSHIP OF LEXINGTON MARKET TO BE MORE DIVERSE SO FAR 140 PEOPLE HAVE APPLIED MORE THAN 60 PERCENT OF APPLICANTS ARE PEOPLE OF COLOR OVER 50 PERCENT ARE WOMEN OWNED BUSINESS BUSINESSES AND 60% OUR CITY RESIDENTS. THEY I ENCOURAGE ALL OF THE VENDORS SO YOU PUT THEIR APPLICATIONS AND I HAVE TIFFANY CHURCHILL OWNS THE DANCING POTATO. SHE’S THE ONLY BLACK VENDOR AND THE ONLY WOMAN VENDOR IN LEXINGTON MARKET NOW, THEY’RE ASKING THINGS LIKE JUST WHAT ARE YOUR PLANS YOUR MARKETING PLANS YOUR MARKETING STRATEGIES YOUR YOUR DAY-TO-DAY OPERATIONS YOUR EQUIPMENT HENRY GUERRERO OWNS THIS STAND HE HAS NO WORRIES ABOUT BEING CHOSEN. I’M -- THEM INSIDE AND I THINK IT’S GOING TO BE OKAY. IS NO REASON TO BE NEGATIVE, YOU KNOW, SO EVERYTHING YOU COPY STATIC WHEN THE NEW LEXINGTON MARKET OPENS ITS GOING TO BE THE LARGEST SMALL BUSINESS INCUBATOR IN BALTIMORE WITH MORE THAN 50 TO 60 VENDORS, AND WE WANT TO MAKE SURE THAT WE INCREASE THE NUMBER OF BLACK ON WOMEN ON AND CITY RESIDENT OWN BUSINESSES. THERE WILL BE 30 TO 40 COMMUNITY REVIEWERS OF THE APPLICATIONS TO HELP SELECT VENDORS THE DEADLINE FOR THIS ROUND IS OCTOBER 5TH FOR MORE INFORMATION ON HO TO APPLY GO TO TRANSFORM. LINKEDIN.COM
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$1M fund to provide loans to new, returning Lexington Market vendors
(Video: New vendors wanted as historic Lexington Market undergoes renovations, October 2020)BALTIMORE -- As construction proceeds on a modern, $40 million rebuild of Baltimore's historic Lexington Market, its developer is partnering with local institutions to provide loans and business support to the market's vendors.The financing for the newly announced Lexington Market Accelerator Fund will come from the University of Maryland, Baltimore, whose graduate campuses surround the iconic public market, as well as the T. Rowe Price Foundation, and potentially other foundations and lenders. The $1 million fund will provide a broad range of loans, from $10,000 to $150,000, with interest rates of 5.25% to 7.25% to vendors.In addition, loans will come with "technical assistance support" for businesses old and new, provided by the community development financial institution Baltimore Community Lending and the social enterprise-supporting organization Innovation Works.Read the full story from our partners at the Baltimore Business Journal

(Video: New vendors wanted as historic Lexington Market undergoes renovations, October 2020)

BALTIMORE -- As construction proceeds on a modern, $40 million rebuild of Baltimore's historic Lexington Market, its developer is partnering with local institutions to provide loans and business support to the market's vendors.

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The financing for the newly announced Lexington Market Accelerator Fund will come from the University of Maryland, Baltimore, whose graduate campuses surround the iconic public market, as well as the T. Rowe Price Foundation, and potentially other foundations and lenders. The $1 million fund will provide a broad range of loans, from $10,000 to $150,000, with interest rates of 5.25% to 7.25% to vendors.

In addition, loans will come with "technical assistance support" for businesses old and new, provided by the community development financial institution Baltimore Community Lending and the social enterprise-supporting organization Innovation Works.