The Montgomery County Economic Development Corporation (MCEDC) on Wednesday was named because the ninth and latest fund supervisor within the Maryland Small, Minority and Women-Owned Business Program, often known as the Video Lottery Terminal (VLT) Program.
There are at present eight VLT fund managers round Maryland that obtain state funds to offer loans for small, minority and women-owned firms.
The appointment and approval of the MCEDC fund supervisor software was made by the State of Maryland Board of Public Works at its June 8 assembly. The three members of the Board of Public Works are the governor, the comptroller and the treasurer.
The MCEDC-managed VLT program will likely be known as the Accelerating Community Excellence (ACE) Loan Fund. MCEDC will handle its ACE program on behalf of the State of Maryland and has partnered with the Latino Economic Development Center (LEDC) to be this system’s fiduciary agent. The MCEDC ACE program is designed to help eligible small companies, particularly in underserved communities. The ACE program will obtain an preliminary allocation of $1.5 million in state funds to be disbursed as loans to small, minority and women-owned companies in Montgomery County and all through Maryland.
MCEDC selected LEDC as a companion because the heart has a longtime and powerful monitor document of providers to the Latino and underserved communities within the Greater Washington-Baltimore area, with places of work in Wheaton and Baltimore. “When small businesses have the resources to meet their full potential, they become a powerful force for positive change, especially within their communities,” stated Emi Reyes, LEDC CEO. “We are thrilled to be working with MCEDC to provide our expertise in loan underwriting and servicing to increase accessible financing to women-owned and minority-owned small businesses.”
The Maryland VLT Loan Program was created to help minority and ladies owned small companies with a proportion of the proceeds from video lottery terminals (slots) from the state’s six casinos. Under the present statute, no less than 50% of the VLT program funds have to be deployed to eligible small companies positioned inside a sure focused radius surrounding the state’s six casinos. Since there aren’t any Montgomery County casinos in Maryland, the MCEDC-managed ACE program will earmark 50% of its funding completely to eligible Montgomery County small companies and can work with LEDC and the opposite fund managers to distribute the rest to eligible small companies within the focused areas close to a on line casino within the state.