NEWS RELEASE: Anne Arundel Economic Development Corporation Waives Late Fees for Business Loan Clients

March 16, 2020

Anne Arundel Economic Development Corporation Waives Late Fees for Business Loan Clients

Annapolis, Maryland – (March 16, 2020) – Today Anne Arundel Economic Development Corporation (AAEDC) Interim CEO Jill Seamon announced that it will waive late fees for businesses that have loans through its finance program and whose operations are disrupted by the Coronavirus (COVID-19) outbreak. In addition, affected business loan clients are encouraged to contact AAEDC if other payment modifications are needed.

“We continue to monitor the outbreak’s impact on small business and will consider a variety of actions that can help mitigate financial hardship,” said Ms. Seamon. “We are in close contact with federal and state agencies and other partners to understand what resources are available and how quickly they can be deployed to assist area businesses.”

The organization administers three loan programs to benefit area businesses. The VOLT program, backed by 1.5 percent of casino revenue and overseen by the Maryland Department of Commerce, finances business and commercial real estate acquisition and expansion, lease-hold improvements, equipment, and working capital. The Arundel Community Reinvestment (ACR) Fund assists business and commercial property owners in the county’s nine revitalization districts. The Next Stage Tech Fund helps innovative companies scale up to commercialize technology or meet the requirements of a government contract.

As an added resource, AAEDC is curating information on the “Newsroom” section of its website with links to state and federal efforts available to assist impacted businesses. Topics include employer and worker assistance, financial assistance and taxes and licensing and permitting.

###

ABOUT THE ANNE ARUNDEL ECONOMIC DEVELOPMENT CORPORATION

The mission of the AAEDC is to serve as a catalyst for business growth in Anne Arundel County thereby increasing job opportunities, expanding the tax base and improving quality of life. It provides investment and technical assistance and fosters community revitalization initiatives.  AAEDC plays a vital role in enhancing commercial districts, improving county infrastructure, increasing agriculture-based business and promoting high-value business sectors such as technology and national defense. News and updates are available on the corporation’s website www.aaedc.org.

 

Coronavirus (COVID-19) Information for Businesses »