To support Maryland’s small businesses facing continued financial impacts from the novel coronavirus, the state established through bipartisan legislation the Maryland Small, Minority and Women-Owned Business Account COVID-19 RELIEF Program with $10 million in state Relief Act funding.
About this Program:
Created with the small business owner in mind, the VLT fund traditionally uses proceeds from video lottery terminals (slots) to assist small, minority, and women-owned businesses located in targeted areas surrounding Maryland’s six casinos. It is the only lottery-funded program in the nation that is dedicated to providing loans to small, minority, and women-owned businesses. By generating jobs in targeted areas of need, the program supports areas that have not always benefited from economic growth. Additionally, according to a survey conducted in 2018, previous recipients stated that the program provided funding to their business when traditional sources would not.
The $10 million in Relief Act funds will be administered by the eight fund managers who operate this program on behalf of the Department of Commerce. Applications will be available through each fund manager, who are located in various regions of the state.
The Eligible Fund Managers, who oversee the distribution of video lottery terminal funds, will determine eligibility requirements for this program.
For more information, contact the fund manager in your area:
Dawn R. Medley, Vice President, Business Finance Programs
1801 McCormick Drive
Largo, MD 20774
Anne Arundel Economic Development Corporation
Stephen Primosch, Vice President, Financial Services
2660 Riva Road, Suite 200
Annapolis, MD 21401
Meridian Management Group, Inc.
Randy Croxton, Chief Investment Officer
826 E. Baltimore St.
Baltimore, MD 21202
Maryland Capital Enterprises Inc.
Maurice Ames, Director of Operations
144 East Main Street, Salisbury, MD 21803
Baltimore County, Maryland
Stanley Jacobs, Chief Lending Officer
C/O Department of Economic and Workforce Development
400 Washington Avenue, Suite 100
Towson, MD. 21204
City of Baltimore Development Corp.
Jeffrey P. Pillas, Vice President & Chief Financial Officer
36 S. Charles Street, Suite 1600
Baltimore, MD 21201
Howard County Economic Development Authority
Darshni Patel, Loan Fund Manager
6751 Columbia Gateway Drive, Suite 500
Columbia, MD 21046
Tri County Council for Western Maryland
Business Development Loan Officer
11 S. Lee Street
Cumberland, MD 21502