The SBEP established in 1984 to assist local businesses to obtain funding for their expansion needs has funded twenty-six projects in Somerset County. This past year, though, no new projects were funded, the Somerset County EDC did obtain $191,975.00 in grant funds through the State of Maryland's Department of Business & Economic Development (DBED) which will be used to augment the SBEP fund in order to provide additional assistance to more businesses than ever before.
It is the goal, this year of the Somerset County EDC to begin a review of the present program to enhance its availability to more of our local businesses who can benefit from the fund's new found monetary resources.
Presently, there are three potential local businesses who may be applying for assistance from the SBEP.
To assist in the review of the potential loans, and to help in the management of the SBEP, the Somerset County EDC has formed a Somerset County Banker's Taskforce that will add professional financial guidance and support to the fund.
Financial guidance and assistance will also be available from the Small Business Development Center of the Salisbury University, The Rural Development Center of the University of Maryland Eastern Shore (UMES) and through the various financial sources of the state's programs provided through the Department of Business and Economic Development (DBED).
