The Kite Loft became the first Ocean City business to get money from the slot revenue to finance expansion of the business.
The sum of $64-thousand came from the state’s Video Lottery Terminal Small Business Loan program.
And, the owner, Jay Knerr accepted the oversized novelty check outside his new story at 67th Street Town Center retail plaza.
With the low interest rate he told the Salisbury Daily Times that the loan fit his needs nicely.
Under state law half of all businesses getting such a loan must be within 10-miles of a Maryland casino which, in this case, is located at Ocean Downs.
Bill Badger, Worcester County’s director of economic development says around 25 to 30 businesses have reached out to his office since the loans have become available.
