Maryland VLT Fund

Maryland VLT Fund is sponsored by Maryland Department of Commerce. Provides investment capital and loans to small, minority, and women-owned businesses in Maryland.

Small, Minority and Women-Owned Business Account — Video Lottery Terminal Fund (VLT) | Maryland Department of Commerce Small, Minority and Women-Owned Business Account — Video Lottery Terminal Fund (VLT) About this page. This page explains the VLT Fund in plain language. The Small, Minority, and Women-Owned Businesses Account is established under State Government Article §9-1A-35 , and funded under State Government Article §9-1A-27 .

If anything on this page conflicts with the statute, the statute controls. The program is active. Loans are made through regional fund managers , not by Commerce directly.

The State’s Video Lottery Terminal (VLT) fund uses proceeds from video lottery terminals (slots) to help small, minority, and women-owned businesses. Under State Government Article §9-1A-27, 1. 5% of the proceeds from video lottery terminals at each Maryland video lottery facility is paid into the Small, Minority, and Women-Owned Businesses Account.

Those funds are then granted to eligible fund managers, who provide investment capital and loans to qualifying businesses. Maryland has six video lottery facilities: Maryland Live — Anne Arundel County Hollywood Casino Perryville — Cecil County Rocky Gap — Allegany County Ocean Downs — Worcester County Horseshoe Casino — Baltimore City National Harbor — Prince George’s County Small, minority, and women-owned businesses in Maryland.

At least 50% of VLT funds must go to eligible businesses located in the jurisdictions and communities surrounding the six video lottery facilities. The remaining 50% is available to eligible businesses throughout Maryland. Commerce does not set borrower-level eligibility criteria for this program.

Each fund manager runs its own loan products and sets its own underwriting standards, loan sizes, terms, and eligible uses. What this means for you. Loan amounts, interest rates, credit requirements, and eligible uses vary by fund manager.

Contact the fund manager serving your area to find out what they require and what they can lend. Some fund managers are micro-lenders making loans under $50,000; others make substantially larger loans. Fund managers must comply with the statutory allocation requirement described above, so where your business is located affects which portion of a fund manager’s allocation you may draw from.

Commerce does not lend directly. Eligible fund managers oversee the distribution of VLT funds and run their own loan products. To apply, contact the fund manager serving your area.

FSC First — VLT Small Business Flex Fund Stew Smith, Vice President, Business Development — [email protected] 1801 McCormick Drive, Suite 300, Largo, MD 20774 Anne Arundel Economic Development Corporation — VOLT Fund Stephen Primosch, Vice President, Financial Services— [email protected] 2660 Riva Road, Suite 200, Annapolis, MD 21401 Meridian Management Group, Inc. — Maryland Casino Business Investment Fund Tim Smoot, Senior Vice President & CFO — [email protected] 826 E.

Baltimore Street, Baltimore, MD 21202 Maryland Capital Enterprises, Inc. — Video Lottery Terminal Fund Maurice Ames, Director of Operations — [email protected] 144 East Main Street, Salisbury, MD 21803 Baltimore County Economic Development — Boost Fund Stanley Jacobs, Chief Lending Officer — [email protected] Department of Economic and Workforce Development, 400 Washington Avenue, Suite 100, Towson, MD 21204 City of Baltimore Development Corporation — VLT Revolving Loan Fund Jeffrey P.

Pillas, Vice President & Chief Financial Officer — [email protected] 36 S.

Charles Street, Suite 1600, Baltimore, MD 21201 Howard County Economic Development Authority — Catalyst Fund Darshni Patel, MBA, Director of Business Incentive Programs — [email protected] 6751 Columbia Gateway Drive, Suite 500, Columbia, MD 21046 Tri County Council for Western Maryland — State Lottery Terminal (SLot) Fund Chris Funk, Business Development Loan Officer — [email protected] 11 S.

Lee Street, Cumberland, MD 21502 Montgomery County Economic Development Corporation — Accelerating Community Excellence (ACE) Loan Fund Laurie M.

Boyer Babb, CEcD, Director of Economic Development — [email protected] 1801 Rockville Pike, Suite 320, Rockville, MD 20852 Legal Notices and Required Language The Small, Minority, and Women-Owned Businesses Account is established under State Government Article §9-1A-35 , which requires grants to eligible fund managers to provide investment capital and loans to small, minority, and women-owned businesses, with at least 50% allocated to businesses in the jurisdictions and communities surrounding a video lottery facility.

Funding comes from State Government Article §9-1A-27 , which requires 1. 5% of the proceeds from video lottery terminals at each video lottery facility to be paid into the Account. VLT Financial Report FY2024 - PDF - 1 MB VLT Report 2023 - PDF - 1.

24 MB VLT Financial Report FY2022 - PDF - 1. 03 MB VLT Fund Annual Report 2021 - PDF - 1. 35 MB Applicants should consult the authorizing statute and applicable regulations for the complete legal requirements governing this program.

Contact the fund manager serving your area — see “Find a Fund Manager” above. Commerce does not accept loan applications for this program.