Governor Wes Moore today announced $2.2 million in financial assistance to support small, minority, and veteran-owned business growth to help make Maryland more competitive. 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 Gov. 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 and 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; and 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; and Rita’s of Pikesville, an Italian ice chain serving delicious 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.”
To learn more about available financial incentives in Maryland, visit commerce.maryland.gov.
