Local economic development and business organizations will get $11.1 million in lottery revenue to invest in small, minority and women-owned businesses.
Maryland’s Department of Business and Economic Development on Tuesday announced fiscal 2016 awards to seven fund managers, which will distribute the money to qualifying businesses. By state law, 1.5 percent of video lottery terminal revenue from casinos goes toward a fund to support this loan and investment program.
Through the program, local fund managers can give loans or investments that will help small businesses grow locally, add jobs and contribute to the economy. Read full story – link to http://www.bizjournals.com/baltimore/news/2015/06/24/11m-in-casino-revenue-will-go-to-small-minority.html
Byline: Sarah Gantz – Baltimore Business Journal