Anne Arundel Economic Development Corp. on Wednesday will kick-off a small business loan fund that will lend $3.36 million in Maryland. As part of the launch, the development group will hold a press conference at the offices of the first loan recipient, Brick House LLC, at 1 p.m. in the Conte Office Park in Annapolis.
Maryland's Department of Business and Economic Development last month announced that a total of $7.86 million had been allotted to three groups for a revolving loan fund targeting small-, minority- and women-owned businesses. Besides Anne Arundel Economic Development Corp., the other managers are Meridian Management Group and Maryland Capital Enterprises.
Financing of the loan program comes from casino revenue. Half the money must be lent to small businesses within a 10 mile radius of Maryland's three casinos in Anne Arundel, Cecil and Worcester counties. The rest can be lent to small, minority and women-owned businesses elsewhere in Maryland.