State Highlights Veteran Small Business Loan Program in Honor of Veteran’s Day
BALTIMORE, MD (November 10, 2014) – In honor of the Veteran’s Day holiday, the Maryland Department of Business and Economic Development (DBED) today highlighted its Military Personnel and Veteran-Owned Small Business No-Interest Loan Program. Created in 2006, the program provides no interest loans of up to $50,000 to businesses owned by or who employ military reservists, veterans and National Guard personnel. The program has approved $1.5 million in loans, which has helped create more than 100 jobs and spurred $1.3 million in private investment.
“This loan program enables us to help the many veterans, reservists and military personnel who have so admirably served our country,” said DBED Secretary Dominick Murray. “Maryland offers a number of programs and resources to support veterans, including Governor O’Malley’s recent 100 day veteran hiring initiative, Operation Hire. We look forward to continuing to assist veteran-owned companies to ensure their success and continued growth in our State.”
The program, which is administered by DBED in consultation with the Maryland Department of Veterans Affairs (MDVA), accepts applications from small businesses owned by a veteran, military reservist or National Guard member called to active duty, or small businesses that employ military reservists, service-disabled veterans or National Guard members called to active duty. Veterans looking to start a small business are also considered.
James McCrea, former captain in the United States Air Force, recently received a $20,000 loan through the program to help finance equipment upgrades, including a new server, information management system, and desktop computers for his company Diversified Packaging. Located in Queen Anne’s County, Diversified Packaging is a wholesale distributor that supplies barware and beverage accessories.
“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 McCrea. “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.”
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, visit www.choosemaryland.org.
Karen Glenn Hood
Director, Media Relations and Public Affairs
Maryland Department of Business & Economic Development
401 E. Pratt Street, Baltimore, MD 21202
O 410-767-6318 | C 443-463-8129 | karen.glennhood@Maryland.gov