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Small, Minority and Women Owned Business Account COVID-19 RELIEF Program

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: 
These Relief Act funds will be disbursed through Commerce’s existing Small, Minority, and Women-Owned Business Account, also known as the Video Lottery Terminal (VLT) 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.

ELIGIBILITY

The Eligible Fund Managers, who oversee the distribution of video lottery terminal funds, will determine eligibility requirements for this program. 


APPLY

For more information, contact the fund manager in your area:

FSC First
Dawn R. Medley, Vice President, Business Finance Programs
1801 McCormick Drive
Suite 300
Largo, MD 20774
(301) ​​883-6900
 
Anne Arundel Economic Development Corporation
Stephen Primosch, Vice President, Financial Services
2660 Riva Road, Suite 200
Annapolis, MD 21401
(410) 222-7410

Meridian Management Group, Inc.
Randy Croxton, Chief Investment Officer
826 E. Baltimore St.
Baltimore, MD 21202
(410) 333-4270

Maryland Capital Enterprises Inc.
Maurice Ames, Director of Operations
144 East Main Street, Salisbury, MD 21803
(410) 546-1900
 
Baltimore County, Maryland
Stanley Jacobs, Chief Lending Officer
C/O Department of Economic and Workforce Development
400 Washington Avenue, Suite 100
Towson, MD. 21204
(410) 887-8000
 
City of Baltimore Development Corp.
Jeffrey P. Pillas, Vice President & Chief Financial Officer
36 S. Charles Street, Suite 1600
Baltimore, MD 21201
(410) 837-9305
 
Howard County Economic Development Authority
Darshni Patel​, Loan Fund Manager
6751 Columbia Gateway Drive, Suite 500
Columbia, MD 21046
(410) 313-6512
 
Tri County Council for Western Maryland
Chris Funk
Business Development Loan Officer
11 S. Lee Street
Cumberland, MD 21502
cfunk@tccwmd.org
301-689-1300