DBED SECRETARY MURRAY ANNOUNCES STATE ASSISTS VETERAN-OWNED COMPANY WITH $20,000 LOAN
BALTIMORE, MD (September 15, 2014) – Maryland Department of Business and Economic Development (DBED) Secretary Dominick Murray today announced that the State has approved a $20,000 loan to Diversified Packaging Products, Inc., an Eastern Shore wholesale distributor that supplies barware and beverage accessories. The funding will be provided by DBED’s Military Personnel and Veteran-Owned Small Business No-Interest Loan Program (MPVSBLP) and will help the company finance equipment upgrades, including a new server, information management system, and desktop computers.
“DBED is pleased to assist this promising veteran-owned company upgrade its equipment, which will help grow its customer base,” said Secretary Murray. “Maryland offers a number of programs and resources to support veterans, including Governor Martin O’Malley’s recent 100 day veteran hiring initiative, Operation Hire. We look forward to working with more veteran-owned companies like Diversified Packaging to ensure their success and continued growth in our State.”
“This great loan program helps military personnel and Maryland veterans succeed as small business owners,” said Maryland Department of Veterans Affairs Secretary Edward Chow. “I wish the best of luck to the McCreas and Diversified Products.”
“We are grateful to Maryland for supporting our company. This loan has allowed us to upgrade our computer network, which will increase our efficiency and help us grow,” said James McCrea, President of Diversified Products. “It is gratifying to know that our state supports veterans and small businesses. We would like to offer a special thank you to DBED and the Maryland Department of Veterans Affairs for helping us with the loan application process.”
“Queen Anne’s County is excited that Diversified Packaging Products is the recipient of a veteran-owned company loan from the state,” said Dr. Faith Elliott Rossing, Director of Economic Development for Queen Anne’s County. “The company does tremendous business from its Grasonville location and the new technology systems will support its commitment to supplying customers with competitively priced products.”
The Military Personnel and Veteran-Owned Small Business No-Interest Loan Program was created in 2006 and is administered by DBED in consultation with the Maryland Department of Veterans Affairs (MDVA). The program accepts applications from small businesses that employ military reservists and National Guard members called to active duty, as well as companies employing service-disabled veterans. Veterans who own a business, as well as members of the military, are also eligible for funding.
Diversified Products was founded by James McCrea, a former captain in the United States Air Force, and Mary Ellen McCrea. For nearly 30 years, the company has sold its original products – beer and wine gift boxes – to thousands of customers throughout the United States and internationally. Today, the Queen Anne’s County distributer has grown its product line into a variety of barware supplies and customizable accessories for the beverage industry.
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State’s many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visitwww.choosemaryland.org.
Karen Glenn Hood, Director, Media Relations and Public Affairs
Division of Marketing and Communications
Maryland Department of Business & Economic Development
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