May 21, 2013
Administered by the Anne Arundel EDC, the $3.4 million fund is the result of a 1.5% slice of casino state revenues.
A small business is defined as companies with fewer than 500 employees and less than $35 million in annual revenues. However, the fund will likely be used for companies with less than 50 employees.
A mission driven lender, AAEDC offers several other loan programs for small, minority- and women-owned businesses. Ninety-five percent of their total business comes from small businesses, with about 45 percent of that from women- and minority-owned companies.