Last week, Maryland Governor Wes Moore announced $2.2 million in financial assistance to support nine small, minority and veteran-owned business growth.
The funding, which includes loans, loan guaranties and equity investments from the Military Personnel and Veteran-owned Small Business Loan Program and the Maryland Small Business Development Financing Authority, will help the businesses create 36 new jobs and retain 131 workers in the state.
“To make Maryland more competitive, we need to uplift our entrepreneurs. That's why we are working together to ensure Maryland is the best state in the country to start, build and grow a business," said Moore. “With help from these two programs, we are uplifting entrepreneurs of all backgrounds, and building new pathways to work, wages and wealth.“
The Military Personnel and Veteran-owned Small Business Loan Program provides no-interest loans of up to $100,000 for businesses owned by military reservists, veterans and National Guard personnel as well as for small businesses that employ or are owned by these individuals.
The program is administered by Maryland Commerce in consultation with the Maryland Department of Veterans and Military Families.
The program is currently assisting several businesses, including:
• Industrial Welding Services, a mechanical contracting company based in Phoenix
•SRL Total Source, a Waldorf-based federal contractor specializing in information technology, medical, and janitorial services
•206 Alder, a startup restaurant located in Oakland's historic district
Collectively, the owners of these businesses bring more than 30 years of experience from the U.S. Army, U.S. Navy and U.S. Army National Guard.
The Maryland Small Business Development Financing Authority provides various financing assistance to small and minority-owned businesses throughout Maryland.
The authority also distributes federal assistance through the State Small Business Credit Initiative and is managed by private contractor Meridian Management Group, a Baltimore-based professional asset manager for economic development and private equity funds.
The authority is supporting several businesses, including:
•CannabizMD, an Annapolis organization dedicated to educating the public about Maryland's cannabis industry
•Dress It Up Dressing, a Bethesda-based company offering olive oil-based salad dressings made with simple ingredients
•Fishnet Baltimore, a community restaurant set to open in the city this fall
•Hungry Harvest, a farm-to-doorstep produce delivery service in Landover
•Jollof on Point, a Frederick restaurant and catering service specializing in authentic Nigerian cuisine
•Rita's of Pikesville, an Italian ice chain serving sweet treats.
“These programs are assisting the backbone of our economy – the small businesses that make up neighborhoods throughout our state," said Maryland Department of Commerce Secretary Kevin Anderson. “We're proud to lend our support to these small, minority, and veteran-owned operations that continue to grow and add new jobs right here in Maryland."