MARYLAND COMMERCE SUPPORTS SMALL, MINORITY BUSINESSES WITH NEARLY $1 MILLION IN FINANCING
BALTIMORE, MD (January 22, 2020) – The Maryland Department of Commerce today announced that four small and minority-owned businesses have received a total of $976,000 in loans, equity investments, and lines of credit through the Maryland Small Business Development Financing Authority (MSBDFA). The businesses will use the funding to support expansions and facility improvements, as well as for product development, working capital, and equipment purchases.
Created in 1978, MSBDFA is a Maryland Commerce program that 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.
The businesses receiving financial assistance include Agent of Change, LLC, a Waldorf woman-owned business that provides mental health counseling services; BingeNow, LLC, a Columbia-based early-stage tech company focused on digital video management and monetization for content creators; DAR Healthcare Services, LLC, a woman-owned medical firm that plans to relocate to Randallstown; and Everywhere Communications, Inc., a cellular and satellite data communications company located in Annapolis.
“We are dedicated to helping small businesses succeed in Maryland and the MSBDFA program is just one way we are making sure small firms have the necessary resources to continue growing, thriving, and adding new jobs,” said Maryland Commerce Secretary Kelly M. Schulz. “We look forward to watching these companies flourish throughout the state.”
MSBDFA is managed by a private contractor – Meridian Management Group (MMG), a Baltimore-based professional asset manager for economic development and private equity funds.
“All of these companies are viable businesses that were in need of some form of third-party assistance to obtain the capital required to support their growth. MSBDFA is strategically designed to help such businesses,” said Stanley Tucker, president and CEO of MMG. “Businesses – particular those in urban and rural distressed communities that have challenges meeting the credit criteria of traditional financial institutions – can come to MSBDFA for its contract financing and bonding needs, loan guarantees, direct loan and/or investment needs.”
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.