Up to $500,000 loans available to small businesses.
Could Your Business Benefit from a VOLT Fund Loan?
The VOLT Fund is a statewide business
financing program that receives 1.5 percent of the revenue from video lottery
terminals at Maryland casinos, and your business could receive part of this
pie.
Small businesses, as well as
minority-, women-, and veteran-owned businesses, could be eligible for loans
ranging between $25,000 and $500,000 for a variety of financing needs, such as:
- Business and commercial real estate acquisition and
expansion - Lease-hold improvements
- Equipment and vehicle purchase
- Working capital
Businesses must employ fewer than
500 employees and earn average annual revenues of $35 million or less over
three years to qualify. Additionally, half of the VOLT funds must go to
businesses within a 10-mile radius of one of Maryland’s three operating
casinos.
The VOLT Fund is managed by Anne
Arundel Economic Development Corporation for the Maryland Department of
Commerce. To learn more and apply, visit http://www.aaedc.org/business/financing-and-tax-credits/volt-fund.
