SNOW HILL – A new loan program is expected to spur small business growth on the Lower Shore.
The Worcester County Commissioners agreed last week to participate in the Tri-County Council’s new Lower Shore Revolving Loan Fund.
“I think it’s important to credit our commissioners for understanding the relevance of this,” said Merry Mears, Worcester County’s director of economic development. “They didn’t hesitate because they understand the viability of it and the good work it will do in our community.”
Mears said the Lower Shore Revolving Loan Fund was being created with $100,000 from the Maryland Department of Commerce and $100,000 from the Tri-County Council. By providing small business owners with loans, the fund will support economic development, job creation and job retention.
“The Tri-County Council has really stepped up,” she said.
What makes the loan fund so beneficial to Worcester County, she explained, was the fact that the state ended the Video Lottery Terminal (VLT) Small Business Loan Program earlier this year. With its termination, Mears said the area was in need of a program with a local loan review committee, something she believes is critical for understanding the needs of the local business community.
“Here on the Eastern Shore we know the heartbeat of our community,” Mears said. “We know the local economy. It’s a different landscape for us on the Eastern Shore.”
Thanks to the Tri-County Council’s new program, small businesses will have access to loans that will be reviewed and approved by fellow Eastern Shore residents. Mears said the Tri-County Council was still in the process of putting its loan committee together but that the program should be up and running in the near future.
“This is another tool and I think it’s more valuable to use because it’s our own,” Mears said.
The commissioners quickly approved participation in the program.
“This is actually a great program and can help a lot of small businesses get off the ground and move forward,” Commissioner Joe Mitrecic said.
