Casino-funded small business loans now available in Maryland
May 21, 2013
This 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.