Home Anne Arundel County Anne Arundel Economic Development Corp. IVP aims to retain, expand minority businesses

Anne Arundel Economic Development Corp. IVP aims to retain, expand minority businesses

407

The Anne Arundel Economic Development Corp. (AAEDC) has launched the Inclusive Ventures Program (IVP). The goal of the IVP is to help small, minority, women- and veteran-owned businesses in the county by offering a menu of resources including education, access to capital and mentorship.

Business owners must apply to the IVP, which has a limit of 10 participants. Upon acceptance, entrepreneurs will take part in the program’s signature component, the Virtual Entrepreneurship Cohort & Seed Fund. This online experience is a three-hour class once a week for six weeks, led by business consultant Will Holmes, a recruiter for the Goldman Sachs 10,000 Small Businesses program. During the seventh meeting, each participant will receive a certificate of completion and a $5,000 grant to be used for working capital.

Participating businesses also receive exclusive, complimentary consultations with legal, human resources and accounting experts such as:

  • Johnetta Thurston, founder of JDA Management Consulting, who will serve as the IVP’s human resources consultant;
  • Carlos “C.J.” Santos, an associate with law firm NemphosBraue and a board member of the Maryland Hispanic Chamber of Commerce; and
  • LaKiaBourne, owner and CEO of Synergy Accounting Services.

Entrepreneurs also may apply for additional funds through AAEDC’s VOLT loan fund and Workforce Training Reimbursement program. AAEDC is a manager of the VOLT Fund, a state of Maryland program that provides low interest loans from $25,000 to $500,000 to qualified small, minority, women and veteran owned businesses. The Workforce Training Grant is a reimbursement to cover 50 percent up to $1,000 of a business’ cost in training its employees.

Advertisement

Interested businesses should apply by visiting the IVP page on www.aaedc.org. The application period runs until 5 p.m. on Friday Feb. 19.

Advertisement