News Flash

DCED

Posted on: March 30, 2021

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

Through bipartisan legislation, the State of Maryland has established the Maryland Small, Minority, and Women-Owned Business Account COVID-19 RELIEF Program with $10 million in state Relief Act funding. 

 

The Relief Act funds will be distributed through the Maryland Department of Commerce's Small, Minority, and Women-Owned Business Account, also known as the Video Lottery Terminal (VLT) program. 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.

 

For businesses in Hagerstown that are interested in applying, please contact:

 

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

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