Anne Arundel Economic Development Corp. (AAEDC) Interim CEO Jill Seamon announced that it will waive late fees for businesses that have loans th
rough 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 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.
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. It is also offering a survey to compile information about businesses and organizations affected or impacted by the COVID-19 national emergency. This information will be provided to county, state, and federal resource partners. To participate, go to https://aaedc.typeform.com/to/FQpIzV