ANNAPOLIS, MD—Governor Wes Moore and the Maryland Department of Commerce this week announced that 6 little, minority, and veteran-owned businesses have actually been authorized for an overall of almost $2.7 million in monetary support to assistance business development in Maryland. The financing can be found in the kinds 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 keep 29 employees and develop 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 Department of 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 support through the military loan program consist of Escape Proving Ground, a Pasadena experience and home entertainment business concentrating on interactive escape spaces; Patuxent Pride Inc., a franchised PrideStaff business that offers momentary, temporary-to-hire, and direct hire staffing services in Columbia; and 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 offers no-interest loans of approximately $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 support 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, animal sitting, day care and boarding company in Laurel; and Sweeten, a Baltimore City platform for home remodelling and home improvement professionals.
The Maryland Small Business Development Financing Authority offers funding support to little and minority-owned businesses throughout Maryland through direct loans, working capital, loan warranties, and support in acquiring surety bonding and credit lines. The program is handled by personal specialist Meridian Management Group, a Baltimore-based expert property supervisor for financial advancement and personal equity funds.