Community Development Corporation
Harbor Bankshares launched its newest subsidiary in 2003, the Harbor Bank of Maryland Community Development Corporation (“Harbor CDC”), a non-profit 501(c)(3) corporation designed to improve Baltimore by enhancing small and minority businesses, creating jobs, and enabling profitability in lower income communities.The establishment of Harbor CDC (Harbor Bank of Maryland Community Development Corporation) is intended to provide two key elements to Baltimore’s overall strategy to redevelop much of the city’s inner city neighborhoods. By providing development loans for new housing construction and large scale housing rehabilitation, Harbor CDC will supply much-needed capital to developers that have historically struggled to attract bank financing for their projects. Harbor CDC will also provide commercial financing to community businesses operating in these areas. This financing will allow for the development of retail services, jobs and other amenities that will help reestablish many of Baltimore’s neighborhoods as desirable places to live.
While Harbor Community Development Corporation strategy is not the answer to all problems in Baltimore inner cities, it does address a significant piece of the puzzle. Within targeted neighborhoods, Harbor CDC will focus on three distinct categories of loans:
- Loans to Not-For-Profit Organizations
- Loans to Faith-Based Organizations
- Commercial loans to borrowers that help to stabilize a community
To learn more about the type of loans offered by Harbor CDC, please call 410-528-1800.
