Any small minority or woman-owned business that is within 10 miles of The Casino at Ocean Downs can now get a revolving state loan to expand their business and employ more employees.
The funds come from Maryland’s Small Minority and Women-Owned Business Account which gets 1.5 percent of the revenue from the video lottery terminals produced by the state’s three casinos.
On May 1st $7.8 million will be available for such loans.
The Salisbury Daily Times reports that Worcester County Economic Development Director Bill Badger emphasized that these are loans not free money.
The loan amounts will range from $25-thousand to as much as $500-thousand with exceptions made for $1 million.
Businesses can get the loan for such things as business and commercial real- estate acquisitions as well as working capital, refinancing of existing debt and equipment.
