The Montgomery County Economic Development Corporation’s (MCEDC) Accelerating Community Excellence (ACE) Loan Program assists eligible small businesses in underserved communities. MCEDC was selected as a fund manager to lead the ACE Loan Program by the Maryland Small, Minority, and Women-Owned Business Program, also known as the Video Lottery Terminal (VLT) Program.
With LEDC’s strong track record of services to the Latino and underserved communities in the Greater Washington-Baltimore region, we are partnering as the program’s fiduciary agent to disburse these loans to small, minority, and women-owned businesses in Montgomery County and throughout Maryland.
Start your application here: ACE Pre-Qualification Form
MORE INFORMATION ABOUT ACE
The ACE loan program is part of the state Dept. of Commerce’s VLT loan program, created to assist minority and women owned small businesses with a percentage of the proceeds from video lottery terminals from the state’s six casinos. At least 50% of the VLT program funds must be deployed to eligible small businesses located within a certain targeted radius surrounding the state’s six casinos. Since there are no Montgomery County casinos in Maryland, the MCEDC-managed ACE program will target the remaining 50% of its funding to eligible Montgomery County small businesses.
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Frequently Asked Questions about ACE
Official Press Release: MCEDC with Partner LEDC Selected as New Fund Manager to Provide Loans to Maryland Small, Minority and Women-Owned Businesses