COLUMBIA, Md., June 19 -- Howard County Economic Development Authority issued the following news release:
Howard County Executive Ken Ulman today announced that the Howard County Economic Development Authority (HCEDA) has been approved to provide loans through Maryland's Small, Minority and Women Owned Business Loan Fund.
Howard County is one of four new fund managers selected by the Board of Public Works (BPW) to distribute $9.1 million of Video Lottery Terminal (VLT) revenue from Maryland casinos. The board also approved proposals from Baltimore County, Baltimore City, and the Tri County Council in Western Maryland. Two existing fund managers, Anne Arundel Economic Development Corp. and Meridian Management Group Inc., will also receive funding.
"We challenged our economic development team to find new ways to support small businesses in Howard County and they delivered the kind of solid proposal the Board of Public Works could support, said Howard County Executive Ken Ulman. "These new resources will strengthen our efforts to assist small businesses not only in Howard County, but across Maryland."
HCEDA will receive $1.5 million to make loans and investments to qualified small, minority and women owned businesses.
"These funds will be a great complement to our existing portfolio of resources, and allow us to expand our assistance to small businesses," said Lawrence F. Twele, Howard County Economic Development Authority CEO. "We'll use these funds to drive new economic development opportunities. "
Under state law, half of the fund's must be targeted to small, minority and women owned businesses located within a ten mile radius of Maryland's four existing casinos, Hollywood Casino Perryville in Cecil County, Casino at Oceans Downs outside of Ocean City, Rocky Gap Casino and Resort in Allegany County, and Maryland Live!, near Arundel Mills mall. The other half of the funds will be available to small businesses located outside those target areas.
Loans to small businesses are expected to range from $25,000 to $500,000 for purposes such as business and commercial real estate acquisition and expansion, lease-hold improvements, equipment and vehicle purchase, and working capital.
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