The financing can be found in the types of loans and credit lines through 2 state programs—the Military Personnel and Veteran-owned Small Business Loan Program and the Maryland Small Business Development Financing Authority—and will help the businesses maintain 29 employees and produce 41 brand-new jobs in the state.
“Today I’m proud to announce major financial assistance for six minority and veteran-owned small businesses here in Maryland,” said Gov. Wes Moore. “These loans and lines of credit will greatly benefit both these businesses and local communities. This is how we create more opportunity and I’m proud to be getting this done alongside Secretary Anderson.”
“These two programs are incredibly important in supporting our small, minority and veteran-owned businesses throughout the state,” said Maryland Commerce Secretary Kevin Anderson. “Not only are we proud to assist these businesses with their growth, but we are also thrilled to see them support dozens of jobs and provide good opportunities for Marylanders in the process.”
The businesses getting help through the military loan program consist of:
- Escape Proving Ground, a Pasadena experience and home entertainment business focusing on interactive escape spaces
- Patuxent Pride Inc., a franchised PrideStaff business that supplies momentary, temporary-to-hire, and direct hire staffing services in Columbia
- The Brunch House, a start-up bbq restaurant with strategies to find in Glen Burnie.
Together, these business owners have more than 32 years of experience in the Maryland National Guard, the U.S. Army, and the U.S. Army National Guard.
The Military Personnel and Veteran-owned Small Business Loan Program supplies no-interest loans of as much as $50,000 for businesses owned by military reservists, veterans, National Guard workers and for little businesses that use or are owned by such individuals. The program is administered by Maryland Commerce in assessment with the Maryland Department of Veteran Affairs.
The businesses getting help through the Maryland Small Business Development Financing Authority consist of:
- Interbiome, a start-up agreement production organization in Rockville that services biotechnology companies bringing brand-new items to market
- One Leg Up Pets, a dog walking, family pet sitting, day care and boarding company in Laurel
- Sweeten, a Baltimore City platform for home restoration and home renovation professionals.
The Maryland Small Business Development Financing Authority supplies funding help to little and minority-owned businesses throughout Maryland through direct loans, working capital, loan warranties, and help in acquiring surety bonding and credit lines. The program is handled by personal specialist Meridian Management Group, a Baltimore-based expert possession supervisor for financial advancement and personal equity funds.
To learn more about available monetary rewards in Maryland, see commerce.maryland.gov/fund.