Grant Overview
Donor: Maryland Department of Commerce
About: The Video Lottery Terminal Fund (VLT) is designed to support small, minority, and women-owned businesses in Maryland. This fund uses proceeds from video lottery terminals to assist eligible businesses, particularly those located in targeted areas surrounding six Maryland casinos. The initiative aims to foster economic growth and community development by providing financial assistance to these businesses.
The VLT fund is distributed by eligible fund managers, with at least 50% of the allocations going to businesses within specific targeted areas around the casinos. The remaining 50% is available to eligible businesses throughout Maryland. This program is part of the state’s effort to support small businesses and promote economic development in areas impacted by casino operations. The fund is overseen by various fund managers who ensure the distribution of funds to qualified businesses.
Focus: Small Business Support, Minority-Owned Businesses, Women-Owned Businesses, Economic Development, Community Growth, Casino Impact Mitigation
Region: Maryland, Anne Arundel County, Cecil County, Allegany County, Worcester County, Baltimore City, Prince George’s County
Eligibility:
-Small, minority, and women-owned businesses
-Businesses located in targeted areas surrounding six Maryland casinos
-Businesses located throughout Maryland
Benefits:
-Financial assistance from video lottery terminal proceeds
-Support for businesses in targeted areas around casinos
-Economic growth and community development
-Distribution of funds by eligible fund managers
Terms:
-Video Lottery Terminal Fund (VLT): A fund using proceeds from video lottery terminals to support small, minority, and women-owned businesses.
-Small, minority, and women-owned businesses: Businesses owned and operated by individuals from underrepresented groups.
-Targeted areas: Specific regions surrounding six Maryland casinos eligible for VLT fund assistance.
-Eligible fund managers: Organizations overseeing the distribution of VLT funds to qualified businesses.
