The AAEDC Business Corridor Investment Program (BCIP) is designed to  spur economic activity, investment and improvement in Anne Arundel County.  The pilot program focuses on four targeted revitalization areas:  the Route 2 Corridor and the Glen Burnie Town Center in Glen Burnie, Route 2 Corridor in Brooklyn Park, Sun Valley/Jumper’s Hole Road/Mountain Road Corridor in Pasadena, and  West Street's Revitalization Zone in Annapolis.

BCIP  offers loans up to $35,000 to be repaid over five-seven years at zero percent interest.   Loans are limited to 90% of total project costs.  Eligible improvements include renovation and upgrades to building exteriors and site improvements, including landscaping.  If exterior improvements exceed $20,000, the applicant may include up to $10,000 in interior improvements.  More details are available in the BCIP brochure and its application

 

Interested businesses are asked to contact the AAEDC to discuss the process and to verify that the particular property is located in one of the four targeted revitalization districts.

 

 

In addition to financial assistance, the program includes professional architectural services provided by Sanders Design, a full service architectural firm with experience in community revitalization.
A companion loan program through AAEDC’s Arundel Business Loan Fund will be offered as well, providing low-interest loans to business owners taking part in the façade program to finance additional improvements including tenant improvements or equipment purchases. If needed, our SBA-guaranteed loan program will also be available to accommodate business expansion and investment in the revitalization districts or heritage areas.
 
For more information about the BCIP, please contact  Joe Timer at 410-222-7410. 

Additional commercial revitalization programs are offered by the State of Maryland Department of Housing and Community Development and Anne Arundel Office of Planning and Zoning. The include:

Anne Arundel County Community Revitalization Program

This program provides a property tax credit for up to five years equal to the incremental increase in real property tax assessment for improvements of at least $50,000.

Properties must be in one of the sixteen designated districts and certified by the Office of Planning and Zoning as a qualified property.

Anne Arundel County Scattered Sites Renewal Program

This program can provide loans and grants for historic preservation, commercial revitalization, economic development, acquisition, demolition and landscaping

Maryland Department of Housing and Community Development Neighborhood Business Development Program (NBDP)

The NBDP provides flexible gap financing to small businesses starting up or expanding in locally designated neighborhood revitalization areas throughout the State of Maryland. 

Eligible Projects Include:

Eligible Use of Funds:

Amount of Financing Available

Loan and grant amounts range from $25,000 - $500,000
Each project assessed for financial need, up to 50% of the total project cost.

There are four designated NBDP areas in Anne Arundel County:

These areas qualify for priority consideration when applying for assistance through various state programs to enhance community revitalization efforts. State programs include:

The Arundel Business Loan Fund

The Arundel Business Loan Fund (ABL Fund) provides financial assistance to new and expanding businesses in Anne Arundel County.    Maximum loans are $300,000   Economic Development Corporation, offers small Anne Arundel County businesses up to $300,000 in financing for eligible projects. 

 

Loan proceeds may be used for working capital, equipment and furniture, leasehold improvement and/or renovation of owner-occupied real estate  

 

More details are available in the loan guidelines and the application for the ABL Fund.