The Maryland Department of Commerce has won the 2018 CDFA Distinguished Development Finance Program award from the Council of Development Finance Agencies (CDFA) in recognition of the agency’s Small, Minority and Women-Owned Business Account-Video Lottery Terminal Fund (VLT).
The CDFA Excellence in Development Finance Awards recognize outstanding development finance programs, agencies, leaders, projects, and success stories. The awards honor excellence in the use of financing tools for economic development, as well as individuals who champion those efforts.
“We are very proud that CDFA has recognized this program, which has assisted hundreds of small, minority, and women-owned businesses throughout Maryland expand and add jobs,” said Maryland Commerce Secretary Mike Gill.
With tremendous support from the Maryland General Assembly, and in particular the Maryland Legislative Black Caucus, the VLT Fund was established as a result of the 2007 Special Session of the General Assembly. It requires that 1.5 percent of the proceeds from video lottery slots be used to assist small, minority, and women-owned businesses throughout Maryland. Through fund managers selected by Maryland Commerce by a competitive bid process, 50 percent of the funds are loaned to businesses within a 10-mile radius of the state’s six casinos, with the remaining 50 percent loaned to businesses statewide.
To date, nearly 500 transactions have been approved for more than $55 million, with businesses projecting the creation of 2,850 jobs, the retention of 4,061 jobs, and $127 million in private sector investment as a result of the loan program.
“CDFA is proud to honor the Maryland Department of Commerce for their impressive and unique program that helps support small, minority and women-owned businesses,” said Toby Rittner, president & CEO of CDFA.
The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation’s leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information about CDFA, visit www.cdfa.net.