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Harbor Bank partners with Cerebro Capital to lend $50 million to minority-owned businesses in the Baltimore region

Harbor Bank of Maryland and Cerebro Capital plan to offer $50 million in loans to small, minority-owned businesses in the Baltimore-Washington region, the Baltimore-based lenders said Wednesday.

Harbor Bank and Cerebro, a commercial loan marketplace, will make loans of up to $2 million through a program to increase access for businesses that have traditionally been underserved by the commercial credit market.

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“Everything we do is geared around making it easier for borrowers to know their options and access debt capital, but this partnership kicks off a new chapter for Cerebro as we work to bring brand new proprietary loan programs to market,” said Matt Bjonerud, founder and CEO of the commercial loan marketplace, in an announcement Wednesday.

For Harbor Bank, a minority-owned financial institution, the partnership with Cerebro offers an innovative way to reach the local business community, said Stanley Arnold, a bank senior vice president and chief lending officer.

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Borrowers will have access to Cerebro’s technology and loan processing, “making it easier and faster for deployment of capital into the minority business community,” Arnold said.

Borrowers can apply for loans with favorable terms and options through Cerebro’s platform and expect quick turnaround on processing. Businesses with limited history and limited collateral are able to apply. Borrowers who qualify will receive term sheets from Harbor Bank within 24 business hours.

Cerebro, which offers middle-market companies access to debt-capital, has grown rapidly since its 2017 founding. It works with thousands of borrowers to connect them to lenders from more than 1,500 institutions.


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