Volt Fund
Fuel Your Business Growth with the VOLT Fund
Flexible, growth-focused loans for small, minority-owned, woman-owned, and Veteran-owned businesses across Maryland. Access $25,000–$500,000 to support startups, expansion, equipment purchases, or real estate.
Ideal For: Small and minority-owned, women-owned, and Veteran-owned businesses in Maryland looking to start, grow, or expand operations.
Loan Amount: $25,000 – $500,000
Use of Funds: Business and commercial real estate acquisition, expansion, leasehold improvements, equipment purchases, and startup expenses.
VOLT Fund at a Glance
$25M+
invested by AAEDC
200+
Maryland businesses funded through the VOLT Fund
13
years as a VOLT Lender
Overview & Benefits
The VOLT Fund provides loans for small, minority-owned, woman-owned, and Veteran-owned businesses in Maryland. Loan amounts range from $25,000 to $500,000 and may be used for business expansion, commercial real estate, equipment, leasehold improvements, or startup expenses.
Managed by the Anne Arundel Economic Development Corporation on behalf of the Maryland Department of Commerce, the VOLT Fund is designed to help businesses grow, create jobs, and strengthen communities across the state.
- Competitive interest rates: Priced at or below current market rates
- Broad eligibility: Available to start-ups and existing small businesses
- Flexible use of funds: Real estate, equipment, leasehold improvements, expansion capital, startup expenses, and more
- Professional support: Loan settlement facilitated by AAEDC staff or experienced outside attorneys
- Ongoing guidance: Post-closing monitoring, servicing, and support from AAEDC’s financial services team
Loan Requirements
To ensure responsible lending and long-term success, VOLT Fund loans typically require:
- Minimum personal credit score of 640
- Debt Service Coverage Ratio (DSCR) of 1.00x (historical or projected with reasonable assumptions)
- Collateral when available
- Personal guarantees from all owners with 20% or more ownership
- Life insurance on owner/guarantor when no valid succession plan exists
- 10%-20% minimum equity injection for start-up businesses
- Business plan required for start-ups
Standard underwriting practices are used, including review of repayment capacity, financial strength, management experience, industry knowledge, and collateral protection.
VOLT Success Stories
AAEDC has awarded VOLT Fund loans ranging from $25,000 to $500,000 since it began managing the Fund, in May 2013. Listen to several recipients share how the VOLT Fund loan helped them start and grow their business.
VOLT Fund FAQs
What size loans do the fund issue under this program?
The fund issues loans between $25,000 and $500,000
Where does my business need to be in order to possibly qualify?
The business must be located in or relocating to the State of Maryland. Half of the fund’s investment will be targeted to small; minority, women and veteran owned businesses located within a ten-mile radius of Maryland’s six existing casinos, Maryland Live in Anne Arundel County, Hollywood Park in Cecil County, Rocky Gap Casino in Allegany County, Ocean Downs in Worcester County, MGM in Prince George’s County and the Horseshoe Casino in Baltimore City. The other half will be available to small businesses throughout the State of Maryland.
If my business is not located in Anne Arundel County, can I still apply for the VOLT Fund?
For businesses and potential new businesses located in Montgomery, Howard, Prince George’s, Baltimore County and Baltimore City the borrower should contact your local fund manager regarding funding. Contact information for all fund managers are available at the following link: https://commerce.maryland.gov/fund/programs-for-businesses/vlt . Other counties in Maryland that are not serviced by a local fund manager may apply for the VOLT Fund.
How do you define a small business?
Small business is defined by SBA size standards. You can check your business by NAICS codes at the following website: https://www.sba.gov/federal-contracting/contracting-guide/size-standards/size-standards-tool
Does the VOLT program fund startup businesses?
The VOLT Fund does allow start- up businesses to apply for the funding, including startup costs.
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Success Stories
“The VOLT Loan was essential in helping launch our business; without it, I don’t know that we would have a business. Using these funds, we were able to generate our marketing campaign and purchase the equipment we needed and I’m happy to report that we turned our first profit in our 4th month since receiving the VOLT proceeds. THANK YOU!”
Michael A. Calabrese
Severn Financial Solutions, LLC
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Success Stories
“The VOLT Fund has been instrumental in both the initial launch and continued growth of Jay’s. It provided the crucial financial backing that enabled us to transform our vision into reality when traditional banks couldn’t, and it allowed us to pursue two expansion opportunities that might have otherwise been out of reach.”
Jayleen Fonseca
Jay’s Latin Inspired Kitchen
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Success Stories
“I was attracted to the VOLT Fund because of its flexible terms and great interest rate, but also because it was coming from an organization that was sincerely invested in my business’s success. It made it possible for me to pursue my dream of purchasing and starting the business, which has grown from four employees to 35 employees and is getting stronger and stronger every year.”
Elizabeth Elliot
Himmel’s Landscaping
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Success Stories
“The VOLT Fund loan made it possible for me to expand my business in a way that simply would not have been achievable otherwise. It allowed me to grow Skinlogic beyond aesthetics into a true wellness space, while also creating new job opportunities and services for the community. I am deeply grateful to AAEDC for believing in my vision and supporting this next chapter of growth.”
Meredith Baker
Skinlogic
Ready to Take the Next Step?
Don’t wait to grow your business. The VOLT Fund could be your next step toward expansion, innovation, and hiring.
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