Video Lottery
Terminal Fund
Video Lottery Terminal (VLT) Fund
As home to Ocean Downs – Worcester County’s only casino – small businesses on Maryland’s Coast can tap the VLT Fund.
Learn more about the VLT Fund here. Contact our Business Recruitment Specialist Michele Burke for more information.
While businesses may apply to any of the eight fund managers, the program has a regional focus. Worcester County businesses should contact Maryland Capital Enterprises in Salisbury (Maurice Ames).
Description
Created with the small business owner in mind, the state’s Video Lottery Terminal (VLT) fund uses proceeds from video lottery terminals (slots) to assist small, minority, and women owned businesses located in targeted areas surrounding six Maryland casinos. The revolving fund offers loans between $25,000 to $500,000 for purposes such as business and commercial real estate acquisition and expansion, lease-hold improvements, equipment, and working capital.
Loan Requirements
- Personal credit (640 or above)
- Historical Debt Service Coverage Ratio (DSCR) of 1.00x or projections with assumptions showing 1.00x DSCR
- Collateral when available
- All owners over 20% must personally guarantee the loan
- Life insurance on owner/guarantor where no valid succession plan is in place
- Minimum equity injection of 10% for start-up businesses
- Business plan for start-ups
Worcester businesses who have used the VLT Loan Program include:
- Plak That, West Ocean City
- The Kite Loft, Ocean City
VLT Fund Managers
There are seven fund managers in Maryland (see below) who oversee the distribution of VLT funds.
For more information about VLT contact the fund manager in your area:
Anne Arundel Economic Development Corp
Stephen Primosch, VP of Financial Services
2660 Riva Road, Suite 200
Annapolis, MD 21401
(410) 222-7410
[email protected]
Maryland Capital Enterprises Inc.
Maurice Ames, Executive Director
314 Civic Avenue
Salisbury, MD 21801
(410) 546-1900
[email protected]
Baltimore County, Maryland
Stanley Jacobs, Chief Lending Officer
C/O Department of Economic and Workforce Development
400 Washington Avenue, Suite 100
Towson, MD 21204
(410) 887-8000
[email protected]
City of Baltimore Development Corp.
Jeffrey P. Pillas, Vice President & Chief Financial Officer
36 S. Charles Street, Suite 1600
Baltimore, MD 21201
(410) 837-9305
[email protected]
Howard County Economic Development Authority
Darshni Patel, Loan Fund Manager
6751 Columbia Gateway Drive, Suite 500
Columbia, MD 21046
(410) 313-6512
[email protected]
Tri County Council for Western Maryland
Chris Funk
Business Development Loan Officer
11 S. Lee Street
Cumberland, MD 21502
301-689-1300
[email protected]
Meridian Management Group, Inc.
Randy Croxton, Chief Investment Officer
826 E. Baltimore St.
Baltimore, MD 21202
(410) 333-4270
[email protected]
FSC First
Dawn R. Medley, Vice President
Business Finance Programs
1801 McCormick Drive Suite 300
Largo, MD 20774
(301) 883-6900
Loan Requirements
- Personal credit (640 or above)
- Historical Debt Service Coverage Ratio (DSCR) of 1.00x or projections with assumptions showing 1.00x DSCR
- Collateral when available
- All owners over 20% must personally guaranty the loan
- Life insurance on owner/guarantor where no valid succession plan is in place
- Minimum equity injection of 10% for start-up businesses
- Business plan for start-ups
Worcester businesses who have used the VLT Loan Program include:
- Plak That, West Ocean City
- Hoop Tea, Ocean City
- Daily Brew, Snow Hill
- The Kite Loft, Ocean City
FUND MANAGER CONTACTS
There are seven fund managers in Maryland (see below) who oversee the distribution of VLT funds.
For more information about VLT contact the fund manager in your area:
