The goal of the Economic Development Committee is to advise the NAACCC Board of new business growth and development in Northern Anne Arundel County. The Committee meets the third Thursday of the month at 8:30 a.m. in the Chamber's Conference Room.
Anne Arundel Economic Development Corporation
Business Tools
Arundel Community Reinvestment Initiative
The mission of the AAEDC Community Reinvestment Initiative is to identify and make use of resources to
- Improve Anne Arundel County's neighborhood commercial districts
- Upgrade the quality of life for residents
- Reduce blighted areas
- Increase property values
- Grow business
The Community Reinvestment Initiative provides the following resources and services to owners of businesses and/or commercial properties in Anne Arundel's 16 designated Commercial Revitalization Districts. Several of these 16 districts have been identified as immediate priority areas: Brooklyn Park, Pasadena (Riviera Beach, Mountain Road, Sun Valley), MD 175 North Odenton, and Glen Burnie Town Center Area.
The Arundel Community Reinvestment Loan (ACR) Fund
The ACR Fund encourages economic activity through AAEDC with zero percent interest loans of up to $50,000, to be repaid over three to seven years, for exterior and interior business improvements; architectural services up to $1,500 included for each loan recipient. Interested businesses area asked to contact AAEDC to discuss the process and to verify that the particular property is located in one of the targeted revitalization districts.
http://aaedc.org/business/financing-and-tax-credits/acr-fund/
Anne Arundel Community Revitalization Program
This program provides a property tax credit for up to ten years equal to the incremental increase in real property tax assessment for improvements of at least $100,000. Properties must be in one of the 16 designated districts and cerfified by the Office or Planning and Zoning as a qualified property.
http://aaedc.org/business/financing-and-tax-credits/community-revitalization-tax-credit/
For more information on these programs contact Allison Moeding at 410-222-7410.
Arundel Business Loan
The Arundel Business Loan (ABL) program is a viable non-bank alternative source of financing ready and able to assist small businesses in Anne Arundel County. Eligible businesses include proprietorships, partnerships, corporations, or limited liability corporations operating in or relocating to the county. Additional regulations apply for loans involving an SBA or State of Maryland guarantee. Loan proceeds may be used for any legitimate business purpose to include: working capital (term of 1 – 7 years),
equipment and furniture (term of 3 – 7 years), leasehold improvement (term of 3 – 7 years), real estate (terms of 5 – 20 years), and lines of credit (term of 1 year with an option to renew).
For more information contact Stephen Primosch, Vice President Financial Services (410) 222-7410 or by email at sprimosch@aaedc.org.