USDA loan and grant aids Maryland Eastern Shore entrepreneurs

11/28/2011

Maryland's Eastern Shore Entrepreneurship Center recently received funds from the United States Department of Agriculture to aid in the development of the area's small businesses, the Star Democrat reports.

Nearly one year after applying for capital, ESEC was rewarded earlier this month with a $500,000 USDA loan and a $105,000 grant. According to its website, ESEC is a 501(c) (3) nonprofit organization that aims to help entrepreneurs on Maryland's Eastern Shore via programs and initiatives.

"The national award will be a tremendous step forward in enabling ESEC to serve its mission with the ultimate goal of increasing jobs and diversifying business expansion in the region," said ESEC executive director Scott Warner, as quoted by the Star Democrat.

ESEC will allocate the loan money directly to its revolving loan fund, while the grant will go toward entrepreneur training programs such as Shore Venture. SV is an 11-week course based on the Kauffman FastTrac program that provides potential business owners with resources to make their ideas a reality.

According to Mike Thielke, executive director of ESEC, he hopes the grant money will help "expand the reach and visibility" of the ESEC and create opportunities for additional programs down the line.