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Summit Financing Solutions offers two programs for small businesses looking to obtain financing. These two programs are the Western Maryland Revolving Loan Fund (RLF) and the State Lottery Terminal (SLoT) Fund.
Western Maryland Revolving Loan Fund
The Western Maryland Revolving Loan Fund Program is a pool of money granted by federal and state entities for the purpose of making loans to create and/or save jobs. Borrowers repay loans and the money is returned to the RLF to make other loans. In that manner, the RLF becomes an ongoing or “revolving” financial tool.
The Summit Financing Solutions Revolving Loan Fund serves as a source for gap financing for small businesses seeking to locate or expand in Maryland’s Garrett, Allegany, and Washington counties. Established in 1980, the program has facilitated the creation and expansion of businesses that have created or saved jobs in the Appalachian region. The program operates by participating with banks and other lenders to assist in financing a business project.
The State Lottery Terminal (SLoT) Fund, under Maryland law, provides for 1.5% of the proceeds generated from video lottery terminals (slots) to be contributed to the State Lottery Terminal (SLoT) Account to be distributed to small, minority and women-owned businesses (Targeted Businesses). At least 50% of the SLoT allocations will be deployed to targeted businesses located within a 10-mile radius of the five casinos—Hollywood Casino Perryville, Ocean Downs in Worchester County, Maryland Live! in Anne Arundel County, Rocky Gap Casino in Allegany County, and Horseshoe Casino in Baltimore City. The other 50% will be available to small, minority and women-owned businesses located throughout Maryland.
Tri County Council for Western Maryland serves as a fund manager for the State Lottery Terminal Account. TCCWMD’s allotment of funds is distributed through its lending program – Summit Financing Solutions. Small, minority, women and veteran owned businesses located within 10 miles of any of Maryland’s five casinos (Target Areas) and those located elsewhere in the state may be eligible for loans between $10,000 and $500,000.