Baltimore County Executive Kevin Kamenetz announced $580,000 in new loans to seven small, minority-and women-owned businesses from the Baltimore County Boost Fund, a flexible financing resource for entrepreneurs. A total of $1.38 million in loans have been approved since the program launched in October 2014.

“The Boost Fund offers flexible loans to support promising companies. We are especially pleased to provide loans to cybersecurity, edtech and environmental technology companies at bwtech@UMBC and the TU Incubator, university business incubators that are nurturing entrepreneurship and the next generation of great Baltimore County companies,” said Baltimore County Executive Kamenetz.

The Boost Fund, managed by the Baltimore County Department of Economic and Workforce Development, can lend qualified small businesses between $50,000 and $250,000 for start-up and gap funding, building and leasehold improvements, business and equipment acquisition, commercial real estate acquisition, and working capital.

Boost Fund loans are flexible, with a reduced down payment and interest rates set at or below market rates. Payment plans are customized to meet the cash flow needs of each business.

“Working capital is the lifeblood of small and early stage companies. Baltimore County’s Boost Fund is a valuable resource to help our bwtech@UMBC companies move to the next level,” said Ellen Hemmerly, Executive Director of the bwtech@UMBC Research and Technology Park.

Loan funding comes from the Maryland Small, Minority and Women-Owned Business Loan Fund, which was established with revenue from Maryland casinos.

See more at: http://baltimore.citybizlist.com/article/266920/baltimore-county-boost-fund-approves-580000-in-small-business-loans