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Tuesday, July 8, 2014

Baltimore County Giving Away $1.5 Million in Funding to Women-Owned Businesses

In 2008, the state of Maryland passed a bill that decided how money from Maryland casinos would be distributed. According to the bill, part of that money is to be tagged to help small, minority and women-owned businesses. Baltimore County recently received $1.5 million of those funds -- good news for women and other small businesses.

About the fund

The fund established in 2008 is called the Maryland Small, Minority and Women-Owned Business Loan Fund. Money deposited into the fund from casino earnings helps support small businesses owned by women and minorities. These businesses play an important role in the growth of the economy in Baltimore County. Maryland law dictates that 1.5 percent of all proceeds from casinos be used specifically for the support of women-owned and other small businesses.
How the money helps

As a result of the recent $1.5 million funding, the fund can offer more loans to small businesses. Three to twenty-year loans ranging from $50,000 to $500,000 are now available to help small, minority and women-owned businesses in Baltimore County. About 50 percent of the funds are reserved for businesses that are located within 10 miles of the casino.

For more information on the Maryland Small, Minority and Women-Owned Business Loan Fund, visit
www.baltimorecountymd.gov/Agencies/economicdev/baltimorecountybusiness/businessresources/index.html
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