Video lottery money yet to be directed to Md. small businesses

An audit of Maryland's video lottery terminal program has found that the state has not yet implemented a way to direct proceeds to the state's small business community, as directed by a 2008 law.

The Board of Public Works has accumulated the funds, which now total $2.6 million, for several years. The report Thursday from the Office of Legislative Audits found that, while the funds in the account for small and minority- and women-owned businesses have been properly collected and accounted for, the Board of Public Works has not disbursed any as capital investments or loans.

The board is working with the Maryland Department of Business and Economic Development to transfer the authority to make grants from the fund to DBED, according to the audit.

In a letter responding to the audit, a board official this month stated that DBED was hiring fund managers to help disburse money to the businesses.

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