Maryland Assists Veteran Business through No-Interest Loan Program
- Mar 10, 2016
By Bogdan Odagescu, Associate Editor
Pasadena, Md.—The Maryland Department of Commerce recently announced that Coffeecade, a veteran-owned coffeehouse in Pasadena, Maryland is setting up shop with the help of a state-backed loan. Startup costs will be secured through The Military Personnel and Veteran-Owned Small Business No-Interest Loan Program, through which owner Andy Lee will have access to $50,000.
Lee, who served for more than 10 years in the Marine Corps, has lived in the area for the past six years. He founded the company in 2014 and is now ready to kick-off his Maryland retail business, which will combine the classic perks of an independent coffee shop with a family-friendly retro-arcade setting.
“The men and women who have worn the uniform of our Armed Forces are full of innovation and entrepreneurial spirit. (…) This spirit is evidenced in Mr. Lee’s vision to bring a small business combining coffee and arcade games to Anne Arundel County,” said George Owings, Secretary of the Maryland Department of Veterans Affairs, in prepared remarks.
The Military Personnel and Veteran-owned Small Business Loan Program was created in 2006 and is coordinated by the Maryland Department of Commerce in consultation with the Maryland Department of Veteran Affairs. The no interest loans, ranging from $1,000 to $50,000 and with a maturity from one to eight years, are available to businesses owned or that employ military reservists, veterans, and National Guard personnel.
Image courtesy of Coffeecade via Facebook