Since 2015, the Anne Arundel County Economic Development Corp. (AAEDC) has approved approximately $455,780 in loans to 12 businesses through its Arundel Community Reinvestment (ACR) Fund. The ACR Fund offers loans up to $100,000 to be repaid over three to seven years at 0% interest. Loans are limited to 90% of total project costs.
In addition, during the last three years, nine businesses received a total of almost $125,000 in tax credits through Anne Arundel County’s Community Revitalization Tax Credit program. Qualified business owners may receive a property tax credit for up to five years equal to the incremental increase in real property tax assessment for improvements of at least $100,000 of assessed value.
The program is designed to spur economic activity, investment and improvement in Anne Arundel County’s eight Commercial Revitalization districts, which include the area at inner West Street in Annapolis from Church Circle to Chinquapin Round Road, and the county’s one state-designated Enterprise Zone in Brooklyn Park.