Maryland Capital Enterprises Inc.,was one of the three organizations that will oversee the distribution of funds from the Small, Minority and Women-Owned Business Account, which receives 1.5 percent of video lottery terminal revenue from Maryland casinos. In total, the three fund managers were allocated $7.86 million and will begin making loans May 1. Maryland Capital Enterprises received $1 million, Meridian Management received $3.5 million and Anne Arundel EDC received $3.36 million.
Fund managers must invest at least 50 percent of funds into businesses located within a 10-mile radius of the state’s three existing casinos — Maryland Live in Arundel Mills, Hollywood Casino Perryville and the Casino at Ocean Downs in Berlin. Each manager is not assigned to a specific geographic area. The remaining money can be used to make loans to small, minority and women-owned businesses across the rest of the state. The Board of Public Works and DBED, which is administering the program, will allocate yearly the new video lottery terminal revenues that accumulate in the fund. Both current and new fund managers will be eligible for the subsequent allocations. Future casino sites — Horseshoe Baltimore and Rocky Gap — will be taken into consideration by fund managers once they open.
“Small businesses are the engine that drives Maryland’s economy and we are delighted to have these additional resources to support their growth and job creation in Maryland,” said DBED Secretary Dominick Murray. “We look forward to working with great partners like the Anne Arundel Economic Development Corp., Maryland Capital Enterprises, and Meridian Management Group to deploy these funds where they are needed most.”
Hayley Gallagher, executive director of Maryland Capital Enterprises, said her fund will look to invest 50 percent of the $1 million within at the 10-mile radius of Casino at Ocean Downs and Maryland Live. The fund will look to invest its remaining total in businesses located in the eight counties on the Eastern Shore, as well Baltimore County, Baltimore City and Anne Arundel County.
Maryland Capital Enterprises is a microledner, so the fund plans to invest in companies that need $50,000 or less and that have 10 employees or less. Joe Morse, the company’s chairman emeritus, said Maryland Capital Enterprises would not limit its options when it comes to potential businesses.
“MCE is pleased to be chosen,” said Hayley Gallagher, Executive Director of Maryland Capital Enterprises. “This funding will significantly increase our ability to help businesses in the Baltimore and Eastern Shore areas that we serve with micro loans of an average of $50,000.”
7 comments:
why only minority and women owned?
why not any small business?
It says "Small, minority- and women- owned business". Notice the comma?
That comma means it's for all 3.
1. Small Business
2. Minority-owned Business
3. Women-owned Business
No it won't. Check out any immediate area around casinos that aren't in Vegas...The small businesses die. Atlantic City has had nearly 70% of their small businesses close since the Casinos came to town.
gambling good for No One. brings in crime, small businesses suffer and many times close, addictions to gambling occur and of course this hurts families and much more. so sad.
The loans are available for any small business including women and minority. If you are interested give MCE a call 410-546-1900.
Irina - community relations director at MCE.
I thought all the money from gambling was to go to the schools. At least that is the lie they told us. They arejust can't keep their dirty hands out of the piggy bank
Who would want to start a small business with a loan in this economy?
Answer:
Someone ready to go bankrupt and lose their home to foreclosure.
Really a lot of help.
Post a Comment