Worcester County Economic Development (WCED) officials are thrilled to announce that two Video Lottery Terminal (VOLT) small business loans will be awarded to Backshore Brewing Company and The Daily Brew Coffee Shop on June 28, 2016.
“Backshore Brewing will be expanding their product line and including a malted tea beverage,” WCED Director Merry Mears said. “This expansion will add more jobs to an already thriving business.”
The Backshore Brewing Company Bar & Restaurant is located at 913 Atlantic Avenue in Ocean City. Visit their website at www.backshorebrew.com to find out more about their entire product assortment.
The Daily Brew Coffee Shop, located on Washington Street in Snow Hill is also receiving a VOLT loan.
“Funds were used to renovate the first floor of a vacant downtown building,” Mears said. “The Town of Snow Hill is now seeing a bit of resurgence in small businesses.”
In addition to fresh brewed and specialty coffees, The Daily Brew will feature a selection of bagels, muffins and croissants along with an array of cookies and cakes.
To qualify for VOLT loan funds, companies must employ fewer than 500 employees, and their annual revenues must average $35 million or less over three years. The loan funds are available to small, minority, and women-owned businesses in the county.
VOLT small business loan funds are generated from 1.5 percent of all Maryland casino yearly proceeds, as required by Maryland law. Fifty percent of these funds must be used within a 10-mile radius of Maryland’s operating casinos, including Ocean Downs. For more information about the loan program, contact WCED at (410) 632-3112 or visit www.chooseworcester.org.