Governor Wes Moore has announced $2.2 million in financial assistance for small, minority, and veteran-owned businesses. The funding aims to foster business growth across the state and local economies.
This investment comes through two key programs—the Military Personnel and Veteran-owned Small Business Loan Program and the Maryland Small Business Development Financing Authority. Together, they offer a range of financial tools, including loans, loan guarantees, and equity investments, to help local economies thrive. The program assists Anne Arundel, Baltimore City, Baltimore County, Charles, Frederick, Garrett, Montgomery, and Prince George’s County businesses.
The program is specifically designed to support businesses owned by military reservists, veterans, and National Guard personnel. It also assists small businesses that employ individuals with military backgrounds. The program provides no-interest loans of up to $100,000; the Maryland Department of Commerce administers the program in partnership with the Maryland Department of Veterans and Military Families. Currently, the program helps businesses like Industrial Welding Services, SRL Total Source, and 206 Alder in Oakland’s historic district. Collectively, these business owners bring over 30 years of military experience, showcasing the diverse backgrounds that enrich Maryland’s business landscape.
The Maryland Small Business Development Financing Authority assists small and minority-owned businesses. Benefiting businesses include CannabizMD, which educates the public about Maryland’s cannabis industry, and Dress It Up Dressing, offering natural salad dressings. Fishnet Baltimore, a community restaurant, will open this fall. Hungry Harvest and Jollof on Point showcase Maryland’s culinary scene, while Rita’s of Pikesville serves Italian ice.
Governor Moore emphasized the importance of empowering local entrepreneurs to build a stronger, more competitive Maryland. Maryland Department of Commerce Secretary Kevin Anderson echoed this sentiment, highlighting the pivotal role small businesses play in driving the state’s economy:
“These programs are assisting the backbone of our economy – the small businesses that make up neighborhoods throughout our state. We’re proud to lend our support to these small, minority, and veteran-owned operations that continue to grow and add new jobs right here in Maryland,” said Maryland Department of Commerce Secretary Kevin Anderson.
For more information on available financial incentives, visit Maryland Commerce at commerce.maryland.gov.
