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Casino-funded small business loans now available in Maryland

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May 21, 2013

CasinoThis is first I’ve heard of this source of small business loan funding from casino revenues.

Administered by the Anne Arundel EDC, the $3.4 million fund is the result of a 1.5% slice of casino state revenues.

A small business is defined as companies with fewer than 500 employees and less than $35 million in annual revenues. However, the fund will likely be used for companies with less than 50 employees.

A mission driven lender, AAEDC offers several other loan programs for small, minority- and women-owned businesses. Ninety-five percent of their total business comes from small businesses, with about 45 percent of that from women- and minority-owned companies.

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