ANNAPOLIS, MD—Governor Wes Moore this week announced $2.2 million in financial assistance to support small, minority, and veteran-owned business growth in Maryland.

According to a press release from the Governor’s Office, the funding includes loans, loan guaranties, and equity investments from the Military Personnel and Veteran-owned Small Business Loan Program and the Maryland Small Business Development Financing Authority.

The funds are expected to help businesses create 36 new jobs and retain 131 workers in the state.

“To make Maryland more competitive, we need to uplift our entrepreneurs. That’s why we are working together to ensure Maryland is the best state in the country to start, build, and grow a business,” said Gov. Moore. “With help from these two programs, we are uplifting entrepreneurs of all backgrounds–and building new pathways to work, wages, and wealth.”

The Military Personnel and Veteran-owned Small Business Loan Program provides military reservists, veterans, National Guard personnel, and their businesses with no-interest loans up to $100,000.

The program is currently assisting several businesses, including Industrial Welding Services, a mechanical contracting company based in Phoenix; SRL Total Source, a Waldorf-based federal contractor specializing in information technology, medical, and janitorial services; and 206 Alder, a startup restaurant located in Oakland’s historic district.

“These programs are assisting the backbone of our economy–the small businesses that make up neighborhoods throughout our state,” said Maryland Department of Commerce Secretary Kevin Anderson. “We’re proud to lend our support to these small, minority, and veteran-owned operations that continue to grow and add new jobs right here in Maryland.”

This article was written with the assistance of AI and reviewed by a human editor.

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