The Montgomery County Economic Development Corporation (MCEDC) has been approved as a new fund manager to provide loans through Maryland’s Small, Minority and Women-Owned Business Account.
The small business program, which receives 1.5 percent of video lottery terminal revenue from Maryland casinos, has approved more than 860 loans for a total of $92.3 million since 2013. With this assistance, companies have projected to create more than 4,000 jobs and retain nearly 6,000 more in the state.
MCEDC will operate its Accelerating Community Excellence (ACE) Loan fund, a program designed to assist businesses especially in underserved communities. The ACE fund will provide $1.5 million in financial assistance to eligible businesses in the state and within Montgomery County.
In addition, MCEDC is partnering with the Latino Economic Development Center (LEDC) to be the program’s fiduciary agent.