Four Local Maryland Businesses Graduate to Traditional Financing

Four Maryland businesses have paid off their state government small business loans, qualifying them for more traditional forms of financial assistance.

The Cunningham Consulting Group, Inc., a veteran owned company in Laurel that focuses on commercial construction; Inheritance Child Care Center, LLC, a Baltimore preschool and child development facility; Preeminent Protective Services, Inc., a Waldorf woman-owned security guard company; and Williams Consulting LLC, a healthcare management and information technology firm in Catonsville together utilized a total of $2 million in loans from the Maryland Department of Commerce.

The funding was awarded through Commerce’s Maryland Small Business Development Financing Authority, which provides various financing assistance to small and minority-owned businesses throughout Maryland, with a focus on entities owned by economically and socially disadvantaged entrepreneurs and small businesses that are unable to qualify for loans from private lenders. This round of financing helped the four businesses to expand services and satisfy government and commercial contracts.

Last year, the program helped create dozens of new jobs and retain more than 130 workers in the state.The program is also known for distributing federal assistance through the State Small Business Credit Initiative and is managed by private contractor Meridian Management Group, a Baltimore-based professional asset manager for economic development and private equity funds.

“Securing financing can be a challenge for some business owners, but in Maryland, we want to make sure everyone has a pathway to success,” said Maryland Commerce Secretary Harry Coker, Jr. “We’re thrilled that these local businesses were able to utilize one of our Commerce programs and continue growing their operations in our state.”

To learn more about financial incentives in Maryland, visit commerce.maryland.gov/fund