VLT SMALL BUSINESS FLEX FUND
FSC First is part of the team of eight experienced Fund Managers The Maryland Department of Commerce has appointed to help small businesses gain access to capital utilizing the Small, Minority, Women-Owned Businesses Account Video Lottery Terminal Funds. 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, women and veteran-owned businesses located in targeted areas surrounding six Maryland casinos.
At least 50% of the VLT allocations will be deployed to small, minority, women and veteran-owned businesses located within a target area of the six casinos. The other 50% will be available to small, minority, women and veteran-owned businesses located throughout Maryland.
The allocations may be used for business acquisition and expansion, owner-occupied commercial real estate, leasehold improvements, purchase of equipment, start-up costs, working capital, professional services and refinancing of existing debt under certain circumstances.
Loan Amounts: $25,000-$250,000
Loan Term: Up to 10 years
Interest Rate: Prime + 3% – 6%
Collateral includes business and personal assets, personal guaranties required.
Geographical proximity to casinos.
SBA classified as a small business.
Other requirements apply.