A $50,000 loan made possible through Maryland Live! casino funds will be distributed to an Owings Mills Mexican restaurant courtesy of the Anne Arundel County Economic Development Corporation.
The start-up business, Mezcal Mexican Restaurant and Bar, will be located at 9958 Reisterstown Rd. The eatery is expected to have a seating capacity for 120 people and will be a full-service restaurant-bar serving authentic mexican food, according to a news release.
The loan was distributed by an Anne Arundel County agency. Anne Arundel County Economic Development Corporation spokesperson Rosa Cruz said they are one of three managers of the VOLT Fund, which helps small businesses across Maryland get financial assistance. Competition for these loans has been fierce, she said.
“Small businesses are the backbone of our economy in Maryland,” said Anne Arundel County Executive Laura Neuman. “The VOLT Fund is a big help in supporting entrepreneurship and giving businesses the capital they need to grow and expand. These VOLT Fund loans are an investment in our local economy and workforce.”
AACEDC was designated in April by the state to serve as one of three managers of a $7.8 million small, minority and woman-owned business loan fund—now known as the VOLT fund. The state fund receives 1.5 percent of video lottery terminal revenue from Maryland casinos.
The terms of the loan stipulate it be used for small and minority or women-owned businesses within a 10-mile radius of Maryland's three casinos—Maryland Live! in Anne Arundel County, Hollywood Park in Cecil County and Ocean Downs in Worcester County. The other amount will be available to small businesses located outside those target areas.
For more information on the VOLT Fund, visit AAEDC’s website www.aaedc.org.