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Maryland Funding Resources for Veteran Business Owners
Maryland veterans who own a business or wish to start one can take advantage of a variety of programs that offer knowledge, professional development or funding. Explore the programs below.
State of Maryland Procurement Programs – The State of Maryland is committed to improving the operating environment for veteran-owned small businesses. The state has created two programs aimed at increasing state government procurement opportunities for veteran-owned small businesses: the Veteran-Owned Small Business Enterprise and the Veteran-Owned Small Business Preference. Learn more about these programs from the Department of General Services.
Military Personnel and Veteran-Owned Small Business Loan Program (MPVSBLP) – Commerce’s veteran loan program provides no-interest loans of up to $50,000, from one to eight years, for businesses owned by military reservists, veterans, National Guard personnel and for small businesses that employ, or are owned by, such persons. Note: Due to extensive interest, the program only accepts applications during a 45-day window, which is in August. Keep an eye on the website for information on availability in 2017.
Additional Funding Programs for Small Business – While not exclusive to veterans, other funding programs that veteran-owned businesses can consider include: the Maryland Small Business Development Financing Authority (MSBDFA), and the Small, Minority and Women-Owned Business
The U.S. Small Business Administration (SBA) – The SBA website has a variety of information for veteran-owned businesses, including resources on starting a business and securing financing. In addition, the SBA is hosting a variety of live-streamed events and webinars this week for Veteran’s Small Business Week.
Government Contracting Guide – The significant federal and military presence in Maryland provides contracting opportunities for veteran small business owners. Commerce compiled a Government Contracting Guide that provides guidance to possibly help veteran business owners win government contracts.
VIP Grow – The Montgomery County Chamber of Commerce hosts the National Center for Veteran Institute for Procurement (VIP Grow). This three-day certification program helps veteran businesses increase their ability to win government contracts.