MD loan program available through Montgomery County Economic Development Corp.
The Montgomery County Economic Development Corporation (MCEDC) announced Wednesday that it is accepting applications for business loans from the new Accelerating Community Excellence (ACE) Loan Fund, a Maryland-funded program that provides loans to minority-owned small businesses and to women.
MCEDC is the ninth fund manager of the Maryland Small, Minority and Women-Owned Business Program, also known as Video Lottery Terminal (VLT).
The Maryland VLT program was created to help businesses, especially in underserved communities, with a percentage of proceeds from video lottery terminals (slot machines) at Maryland’s six casinos. MCEDC has received $1.5 million in financial assistance to be split among eligible state and Montgomery County businesses.
The VLT program requires that at least 50% of program funds be deployed to eligible small businesses located within a certain targeted radius surrounding the state’s six casinos. Because there are no casinos in Montgomery County, Maryland, the MCEDC-run ACE program will target the remaining 50% of its funding to eligible small businesses in Montgomery County.
The MCEDC will work with the Latino Economic Development Center (LEDC) as the fiduciary agent for the program. MCEDC chose LEDC as a partner because the center has a strong track record of serving Latino and underserved communities in the Greater Washington-Baltimore area, with offices in Wheaton and Baltimore.