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HCEDA Approved for Increased Funding from State’s Small, Minority and Women-Owned Business Loan Fund

Catalyst Loan Fund Generates New Jobs And Economic Development


Columbia, MD (June  24, 2015) – The Maryland Board of Public Works has approved  $1.75 million in FY 2016 from the State’s Small, Minority and Women-Owned Business Loan Fund for the Howard County Economic Development Authority. The new funding allocation represents a 15% increase over last year’s total of $1.5 million.

“This is great news for small, women and minority-owned businesses not only in Howard County, but throughout Maryland,” said Howard County Executive Allan H. Kittleman. “The success of these businesses is critical to our continued economic growth. This additional funding will help us ensure that we continue to support innovative entrepreneurs and companies right here in Howard County.”

The Maryland Department of Business and Economic Development receives 1.5 percent of video lottery terminal revenue from Maryland Casinos. The Board of Public Works and DBED, which administers the program, allocate the video lottery terminal revenue yearly. The HCEDA was designated a fund manager for the program last year and approved nine loans totaling $1.380 million to businesses throughout the state from its Catalyst Fund.

“Our team did a fantastic job of identifying and vetting potential clients and we’re grateful those efforts were acknowledged with an increase in our funding allocation, said Lawrence F. Twele, CEO Howard County Economic Development Authority.  ” This past year we leveraged the VLT funds to provide assistance to a diverse mix of small and start-up businesses that used loan proceeds to add space, hire staff and invest in business growth.”

Among the Howard County businesses that received loans through the Catalyst Fund, Epitaxial Technologies, LLC, The Children’s SPOT,BTS Software Solutions, and Manor Hill Brewing.

The Children’s SPOT, a minority owned business that works with special needs children, used its $53,000 loan to relocate into a larger space and expand its services. “Without the Catalyst Fund we would not have been able to move into the kind of state-of-the-art  facility required to meet the needs of our clients, said Nicole Orellana, Co-owner of The Children’s SPOT. “This fund is a tremendous resource for Howard County’s small business community and I am delighted to know it’s going to be continued and expanded.”

To learn more about the Catalyst Fund click here: http://hceda.org/grow-a-business/catalyst-fund.aspx



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