Funds available for entrepreneurs
WORCESTER COUNTY–Some Worcester County entrepreneurs may benefit from more than $500,000 available in loans this year to create new jobs and support business expansion.
In 2013, Worcester County’s share of VOLT (Video Lottery Terminal) funds for small, minority and women-owned businesses was $500,000.
“We’re looking to get more than that this year,” Merry Mears, deputy director of the county’s Economic Development Department, said.
“The casinos have been doing very well,” said Bill Badger, director of the county’s Economic Development Department.
The county’s Economic Development Department partnered with the Anne Arundel Economic Development Corporation, one of three designated fund managers, in seeking the funds.
The request for proposals for the new cycle of funds is being negotiated and should be ready soon.
This year, she said, the county would not need to re-apply.
The loans, which are priced at or below current market interest rates, may be used for business acquisition, commercial real estate acquisition, building improvements, purchase of equipment, business start-up costs, working capital, and in some cases, refinancing of existing debt.
Owners of existing businesses, as well as qualified people who want to start a business, may apply for the loans, which start at $25,000.
In 2013, four loans were approved for Worcester County businesses. The transaction for the first loan of 2014 was settled last week for an Ocean City business.
For information, contact Mears or Badger at 410-632-3112 or visit www.chooseworcester.org.