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SLoT Fund

State Lottery Terminal (SLoT) Fund

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.

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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.

  • Loan amounts range from $10,000 - $500,000

  • Eligible Purposes: business acquisition and expansion, owner occupied commercial real estate, lease-hold improvements, purchase of equipment, start-up costs, working capital, professional/technical assistance, and refinancing of existing debt under certain circumstances

  • Interest rates will generally range between 4% and 8%

  • Terms of up to 5 years for working capital and up to 15 years for fixed assets

  • Use of standard underwriting practices- factors to be considered include repayment capacity and debt service coverage, financial strength of the company and guarantors, industry and management experience, and collateral protection

  • A Business Plan is required

  • Personal credit score of 650 is generally required, however lower credit scores are considered

  • Personal guaranties of the debt are required from all owners with 20% or greater interest

  • Minimum equity injection of 10% for start-up businesses is generally required

  • Application fee of $250 (non-refundable) for loan processing

  • Approved borrowers are assessed a one percent (1%) loan origination fee at closing

  • Collateral required includes Deeds of Trust, Machinery and Equipment liens, Personal Guarantys, and Key Man Life Insurance