FIVE VETERAN-OWNED BUSINESSES RECEIVE $50,000 IN FINANCING
The companies received a total of $250,000 from state’s veteran loan program
BALTIMORE, MD (July 9, 2018) – The Maryland Department of Commerce today announced that five veteran-owned businesses have received a total of $250,000 in financing through the Military Personnel and Veteran-Owned Small Business No-Interest Loan Program (MPVSBLP), which will help create nearly 40 new jobs throughout the state. Each business will use the $50,000 loan to support expansions and job creation, as well as infrastructure upgrades, equipment purchases, and working capital.
The businesses receiving financial assistance include C&B Strategic Consulting, Inc., a Baltimore-based firm specializing in information technology and program management; C&E Pharmacy Services LLC, an Annapolis pharmaceutical startup specializing in virtual pharmacy services for veterans; Grimmer Technology and Operations Inc., a Howard County IT company that supports federal contracts for the Department of Defense; Narrows Hill LLC, a tabletop games and accessories developer based in Garrett County; and Spin Juice House, a startup retail juice and health food café in Waldorf.
“Our military and veteran loan program helps ensure that our local businesses have the funding they need to succeed,” said Maryland Commerce Secretary Mike Gill. “We are honored to have assisted dozens of veterans through this program, and proud to provide the kind of support these men and women deserve as they work toward the next chapter of their careers.”
“The men and women who have worn the uniform of our Armed Forces have the drive, commitment and entrepreneurial spirit to be successful in business,” said George Owings, Secretary of the Maryland Department of Veterans Affairs. “We are pleased to consult with Commerce on the veteran loan program and wish each of these businesses best wishes in their future endeavors.”
The Military Personnel and Veteran-Owned Small Business No-Interest Loan Program was created in 2006 and is administered by Commerce in consultation with the Maryland Department of Veteran Affairs. Veterans, military reservists, and National Guard members who own a business are eligible to apply. The program also accepts applications from small businesses that employ military reservists and National Guard members called to active duty, as well as companies owned by or employing service-disabled veterans.
Applications for the state’s veteran loan program are currently being accepted through August 17, 2018. To learn more about the program, please visit our website.
About Maryland Commerce
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing 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, visit commerce.maryland.gov.