The Polymath Place: Fostering Children’s Imagination Through VOLT Funding

December 14, 2017

In order to support business and serve as a catalyst for business growth in Anne Arundel County, AAEDC has a portfolio of financing programs to assist businesses throughout the county. Financing programs include: SBA loans, community revitalization loans, and small business loans. Regardless of the funding program used, Anne Arundel County companies have access to the capital they need to operate and grow.

The Polymath Place, recently opened over the summer, is an example of one such business who worked with the AAEDC finance team to successfully open the doors to their location in Deale. Kate King and Amanda Gammon, the founders behind The Polymath Place, reached out to Steve Primosch, Vice President of Financial Services at AAEDC with a business plan in hand and a desire to open a first-of-its-kind learning center in South County. After meeting with the founders, the finance team completed site visits, compiled market research, and worked to underwrite the completed loan application. Ultimately, Kate and Amanda were approved for a VOLT loan.

AAEDC manages the VOLT Fund on behalf of the Maryland Department of Commerce. The department oversees the state’s Small, Minority and Women-Owned Business loan fund which is supported by 1.5 percent of video lottery terminal revenue from Maryland casinos. AAEDC then lends that money out to small businesses with loans ranging from $25,000 to $500,000. Kate and Amanda used the money awarded through their VOLT fund to put towards equipment, leasehold improvements and start-up costs of the new learning center.

“It took a village to achieve a dream. We are very excited to have such positive momentum within the community,” said Kate and Amanda.

The Polymath Place offers a wide variety of classes for children ages three to eighteen in an effort to develop inventive imagination. The classes include a focus on arts, literature, mixed media, theater, humanities, life skills, science and technology. They also offer tutoring, workshops, drop in events, private parties, and S.T.E.A.M. focused learning.

To learn more about how our financing programs might be able to help your business, contact one of our finance professionals today.

 

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