MARYLAND COMMERCE SUPPORTS SMALL, MINORITY BUSINESSES WITH $5.5 MILLION IN FINANCING
BALTIMORE, MD (November 19, 2018) – The Maryland Department of Commerce today announced that 12 small and minority-owned businesses have received more than $5.4 million in loans and lines of credit through the Maryland Small Business Development Financing Authority (MSBDFA). The businesses will use the funding to support expansions, as well as for working capital and equipment purchases.
Created in 1978, MSBDFA, a program of Maryland Commerce, provides financing assistance to small and minority-owned businesses throughout Maryland through direct loans, working capital, loan guarantees, and assistance in obtaining surety bonding and lines of credit.
“Maryland is proud to lead the nation in minority- and women-owned businesses, and our administration is committed to supporting our small business job creators with proven strategies to ensure their long-term success,” said Governor Larry Hogan. “This program plays a vital role in providing our state’s small and minority business community with resources to support expansions and job creation.”
“Through MSBDFA, we are able to help a variety of businesses – from manufacturers and construction companies, to restaurants and bakeries – increase profitability and grow their operations,” said Maryland Commerce Secretary Mike Gill. “Small businesses make up more than 99 percent of all businesses in Maryland, and it is critical we have programs in place to support them.”
The businesses receiving financial assistance include:
- 204 Baltimore Pike LLC – Received a $1.8 million term loan which will be used to acquire 204 Baltimore Pike in Bel Air and expand the space to open up additional classrooms and programs at the International Cosmetology School.
- The C2 Contracting Company, LLC – Located in Capital Heights, the company provides construction services to the D.C., Maryland and Virginia area for government agencies and building owners and has received $200,000 revolving line of credit.
- Flight Fab, Inc. – A Beltsville manufacturer of engineered machine parts, electronic assemblies, and aerospace and military components accessories for government and U.S. prime contractors in the aerospace and defense industries. The company has received an $800,000 line of credit.
- Food Opportunity, LLC. – Together with its partner, Delectable Bakery, the companies provide an array of unique baked goods that infuse sweet potatoes to offer a healthier option. The company has received a $369,000 to purchase Goldman’s bakery and its assets in Pikesville.
- International Cosmetology, Inc dba Aveda Institute Maryland – Cosmetology school in Bel Air which recently entered into a licensing agreement with Aveda and will become the only Aveda-licensed school in Maryland. The business has received a $212,000 loan.
- JesseJay’s LLC – New restaurant and bar located in the Churchton/Deale neighborhood offers Latin American inspired food. The business has received a $450,000 loan.
- J. Marshall & Associates, LLC – With offices in Bowie and Bethesda, the company assists business owners with wealth management through investment and insurance advisors as well as financial planners and portfolio managers. The company has received a loan of $400,000 and a line of credit of $100,000 to acquire the CPA firm of David A. Reumont in Silver Spring.
- Log Cabin Candies, Inc. – Popular chocolate and candy store located in Fallston that closed last year is reopening under new ownership. The business has received a $250,000 loan and a $50,000 line of credit.
- Physical Sports & Rehab, Inc. – Provides physical therapy, golf rehab and golf swing analysis, sports performance training, and concussion management out of Largo offices. The business has received a $224,000 loan and $100,000 line of credit.
- Precise Telehealth, Inc. – Provider of telemedicine services for the delivery of complex, integrated health management to the home using video conferencing technology. The Timonium-based company has received a $250,000 line of credit and a $200,000 convertible note investment.
- Sweet Spice Bake Shop, LLC – Located in North East, this is a boutique-style bake shop specializing in custom cakes and dessert displays for events. The business has received a $90,000 loan.
MSBDFA is managed by a private contractor – Meridian Management Group (MMG), a Baltimore-based professional asset manager for economic development and private equity funds.
“These are the kinds of businesses MSBDFA specializes in funding, and in particular, businesses in urban and rural distressed communities,” said Stanley Tucker, president and CEO of MMG. “We have strategically designed programs to provide a continuum of financing products, because many businesses we serve have challenges meeting the credit criteria of traditional financial institutions.”
To learn more about the program, please visit commerce.maryland.gov/msbdfa.
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.