Baltimore County received $1.5 million Wednesday to assist small businesses and those owned by minorities and women through the Maryland Small, Minority and Women-Owned Business Loan Fund, according to a county-issued statement.
Baltimore County was one of four new fund managers approved by the Board of Public Works as a manager of the fund. The others are the Baltimore Development Corporation, the Howard County Economic Development Authority, and the Tri County Council for Western Maryland, the Maryland Department of Business and Economic Development (DBED) said in a release.
The program is funded by video lottery terminal revenue from Maryland casinos, and loans can be used for real estate, equipment purchases, and other investments that contribute to the growth of the company, the Baltimore County statement said.
The loans, which have varying terms that range from $50,000 to $500,000 and three to 20 years, may be used to invest in the company’s growth.