ANNAPOLIS, MD —Today, Governor Wes Moore and the Maryland Department of Commerce announced that six small, minority, and veteran-owned businesses have been approved for a total of nearly $2.7 million in financial assistance to support business growth in Maryland. The funding comes in the forms of loans and lines of credit through two 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 retain 29 workers and create 41 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 receiving assistance through the military loan program include Escape Proving Ground, a Pasadena adventure and entertainment company specializing in interactive escape rooms; Patuxent Pride Inc., a franchised PrideStaff business that provides temporary, temporary-to-hire, and direct hire staffing services in Columbia; and the Brunch House, a startup barbeque restaurant with plans to locate 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 provides no-interest loans of up to $50,000 for businesses owned by military reservists, veterans, National Guard personnel and for small businesses that employ or are owned by such people. The program is administered by Maryland Commerce in consultation with the Maryland Department of Veteran Affairs.
The businesses receiving assistance through the Maryland Small Business Development Financing Authority include Interbiome, a start-up contract manufacturing organization in Rockville that services biotechnology organizations bringing new products to market; One Leg Up Pets, a dog walking, pet sitting, daycare and boarding service provider in Laurel; and Sweeten, a Baltimore City platform for home renovation and home remodeling experts.
The Maryland Small Business Development Financing Authority provides financing assistance to small and minority-owned businesses throughout Maryland through direct loans, working capital, loan guarantees, and assistance in obtaining surety bonding and lines of credit. The program is managed by private contractor Meridian Management Group, a Baltimore-based professional asset manager for economic development and private equity funds.
To learn more about available financial incentives in Maryland, visit commerce.maryland.gov/fund.