The Maryland Department of Commerce announced that four small and minority-owned businesses, including one in Columbia and one in Annapolis, have received a total of $976,000 in loans, equity investments, and lines of credit through the Maryland Small Business Development Financing Authority (MSBDFA). The businesses will use the funding to support expansions and facility improvements, as well as for product development, working capital, and equipment purchases.
The businesses receiving financial assistance include BingeNow, a Columbia-based early-stage tech company focused on digital video management and monetization for content creators, and Everywhere Communications, a cellular and satellite data communications company, in Annapolis. The others are DAR Healthcare Services, soon to be of Randallstown; and Agent of Change, of Waldorf.
“All of these companies are viable businesses that were in need of some form of third-party assistance to obtain the capital required to support their growth. MSBDFA is strategically designed to help such businesses,” said Stanley Tucker, president and CEO of MMG. “Businesses – particular those in urban and rural distressed communities that have challenges meeting the credit criteria of traditional financial institutions – can come to MSBDFA for its contract financing and bonding needs, loan guarantees, direct loan and/or investment needs.”
To learn more about the program, visit commerce.maryland.gov/msbdfa.