Last week, Neighborhood Impact Investment Fund (NIIF) was pleased to partner with the Maryland Department of Housing and Community Development to help a small local business purchase its longtime home by leveraging financing from the State Small Business Credit Initiative (SSBCI).
Native Baltimoreans and sisters Dr. Tammira Lucas and TeKesha Jamison founded The Cube CoWork in 2016. Cube is the largest black, women-owned coworking space in the United States that provides babysitting services. Through this transaction, the business acquired a 13,000 square foot building on Harford Road which it had been leasing since 2021. Owning the property will provide Cube with immediate annual cost savings and control over occupancy costs, as well as the opportunity to build wealth over time. More broadly, the transaction further supports a key commercial corridor in Northeast Baltimore.
Administered by Maryland DHCD, SSBCI provides flexible financing to support businesses seeking to acquire or acquire and renovate their locations. The $10 billion federal program requires a matching source of private financing by a lender such as NIIF. With additional SSBCI funding available, NIIF is interested in building on the success of this transaction. If you are a small business owner considering a commercial real estate transaction in NIIF’s eligible lending area seeking support for or to expand your operations, please email us at [email protected].