The Department of Business and Economic Development (DBED) allocated on Wednesday $11.1 million to seven fund managers across the State to make small business loans. The move was approved by the Board of Public Works Wednesday morning.
The Small, Minority and Women-Owned Business Loan Fund receives 1.5 percent of the revenue from slot machines in Maryland. Each year, DBED taps local managers to manage portions of the fund. Since 2013, the program has made 128 loans totaling $15.2 million to businesses as diverse as manufacturers, IT firms, construction companies, restaurants and retail establishments.
"Small businesses fuel Maryland's economy and we are pleased to be able to support them through this program," Governor Larry Hogan said. "Creating jobs and providing more opportunities for Marylanders is one of our administration's top priorities and programs like this play a big role."
The FY 2016 managers are:
Anne Arundel Economic Development Corp.: $1.85 million
Baltimore County Department of Economic and Workforce Development: $1.6 million
Baltimore Development Corp.: $1.75 million
Howard County Economic Development Authority: $1.75 million
Maryland Capital Enterprises, Inc.: $1 million
Meridian Management Group, Inc.: $2.15 million
Tri-County Council for Western Maryland: $1 million
Managers are required to direct at least half of the funding to businesses within 10 miles of the State's five casinos. The remaining money can be used across the rest of the State.
