Maryland’s Small, Minority and Women-Owned Business Account (SMWOBA) helped leverage more than $16 million in private sector capital during the last fiscal year.

The figure comes from the Maryland Department of Commerce’s latest annual program report , detailing how the state program benefitted small businesses throughout the state.

More than 170 business entities were supported by the SMWOBA program in fiscal year 2024, receiving a total of $21.3 million in financial assistance. The program also helped small businesses create 732 new jobs and retain 1,866 jobs across Maryland.

​​​​​​​​​​Created with the small business owner in mind, SMWOBA uses proceeds from video lottery terminals (or slots) to assist small, minority, and women-owned businesses located in targeted areas surrounding Maryland’s six casinos.

“Since its inception in 2013, the program has supported more than 14,300 new and retained jobs, leveraging more than $240 million in private capital investment. Our Administration will continue to prioritize investments for small, minority, and women-owned businesses—their success is critical to our success as a state,” said Governor Wes Moore.

Read the full announcement