Baltimore, MD (June 19, 2014) – Today, the Baltimore Development Corporation (BDC) announced that it has been selected by the Maryland Board of Public Works as a fund manager for Maryland’s Small, Minority and Women-Owned Business Loan Fund.
The fund, which receives 1.5 percent of Video Lottery Terminal (VLT) revenue from Maryland casinos, is administered through the Maryland Department of Business and Economic Development (DBED). BDC will manage $1 million of VLT loan funds, half of which are available exclusively to businesses located within a 10-mile radius of Maryland Live! Casino in Anne Arundel County.
“These funds are a welcome resource in our efforts to assist and grow small businesses in the City of Baltimore,” said Mayor Stephanie Rawlings-Blake. “Through collaboration with our partners at the state level, we will be able to focus on specific areas of the city where help is most needed in the development and retention of small businesses.”
The VLT Revolving Loan Fund will stimulate employment, assist small businesses in obtaining fixed-rate financing, and encourage private sector investment. Loans range from $30,000 to $300,000, and will be available for a variety of purposes, such as business and commercial real estate acquisitions, furniture, fixtures and equipment purchases, leasehold improvements, and working capital. No matching funds from the city or BDC are required to access the funds.
“Having the right tools in place to attract, retain and expand businesses is paramount to Baltimore City’s growth,” said BDC President & CEO Brenda McKenzie. “This new revolving loan fund is vital to job creation and new investment, and is essential to increasing resources for small businesses.”
Priority funding areas eligible for the first 50% of available loan funds are zip codes: 21207, 21213, 21216, 21225, 21226, 21227, 21228, 21229 and 21230 in south and west Baltimore. The remaining 50% of funds can be allocated throughout the state.