Bohemia, NY (PRWEB) January 04, 2014
Lawrence Teicher, founder of CFO Consulting Services, a leading CFO services provider, responds to an article published by The Washington Post on December 23, which explains that the state of Maryland is using casino gambling to finance small businesses.
According to The Washington Post article posted on December 20 titled “Maryland bets on small businesses with loans, investments financed by slot machines,” a new program called “Volt Fund” has been launched by the state of Maryland to fund small businesses. The Volt Fund, according to the article, is “a program that uses a share of the proceeds from slot machines to finance loans to small businesses owned by minorities and women.”
So far, more than a dozen small businesses have received commercial loans in Anne Arundel County alone—the county that houses Maryland’s capital, Annapolis. Though the Volt Fund was created back in 2007, it did not have enough money to launch until 2012 when the Maryland Live casino opened in Hanover. In 2013 alone, the Maryland Live Casino created $7.8 million in profit for use in the Volt Fund.
Maryland officials admit that using a casino to fund small businesses is unconventional, as there is no other state that openly uses gambling money to support other businesses. However, Anne Arundel County Vice President Stephen Primosch believes the program is helpful for the local economy. He says, “Sometimes it’s not clear where the money from casinos winds up, and with this, they can see the direct correlation between where the proceeds are going and the benefits to the local economy.”
Lawrence Teicher, founder of CFO Consulting Services, a leading CFO Services provider, commends the state of Maryland for thinking outside the box to provide loans to small businesses. “It is no secret that it has been a tough economy for small businesses. Anything federal and local government can do to help is welcome, even something as small as providing subsidized loans.”
Teicher continues, “The way in which Maryland is raising money, through casino assets, may be controversial, but it is hard to protest such a boost to the local economy. Hopefully, other states will follow Maryland in finding creative ways to provide funding to small businesses that need capital.”
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.