AAEDC ANNOUNCES NEW REVITALIZATION PROGRAM
 
ANNAPOLIS, MD (May 9, 2007) - - - Anne Arundel Economic Development Corporation (AAEDC) has announced a new program to spur economic activity, investment, and improvement in Anne Arundel County’s sixteen designated revitalization districts and in the revitalization areas in the City of Annapolis.  Through the Business Corridor Investment Loan Program, businesses are offered zero-interest loans up to $35,000 for improvement to the exterior and interior of their business. The program is funded through a $300,000 County appropriation to AAEDC, approved by the Anne Arundel County Council.
 
The pilot phase of this program targets Glen Burnie, Sun Valley-Pasadena, Brooklyn Park, and West Street in Annapolis.  These areas were selected because of their potential for physical improvements and their commercial areas serve as the front door for established residential neighborhoods.  AAEDC is implementing this program in partnership with the City of Annapolis, the Anne Arundel County Department of Planning and Zoning, the Northern Anne Arundel County Chamber of Commerce, and the Pasadena Business Association.
 
“Through our program partners, we have tested the interest level of businesses in our four targeted areas,” said Robert Hannon, President and CEO of the Anne Arundel Economic Development Corporation.  "I am delighted that as we announce this program, two businesses have shown interest in the Business Corridor Investment Loan Program and we hope many more will follow.  This program will help businesses in our older communities keep pace with consumer market demands." 
 
Christopher's Salon and Day Spa in Brooklyn Park and Via Mia, an Italian restaurant in Glen Burnie Town Center have shown interest in participating in the Business Corridor Investment Loan Program.
 
"The Business Corridor Investment Loan Program is an innovative way to help businesses within Anne Arundel County's revitalization districts improve their appearance," said Anne Arundel County Executive Leopold.  "These improvements will help transform older, commercial areas into more economically vital commercial centers. The improvements will also enhance the vitality of the surrounding residential communities."
 
Available funding for the Business Corridor Investment Loan Program will support 7 to 10 business loans.  Businesses located in the targeted areas are encouraged to become part of the Business Corridor Investment Loan Program.  Improvements that meet program guidelines include renovation of a building's exterior, site improvements such as landscaping, signage, or lighting, and appropriate interior work.
 
 In addition to financial assistance, the program includes professional architectural design services provided by Sanders Design, a full service architectural firm with experience in commercial revitalization.  The program also provides access to other loan programs that could provide supplemental financing for participants. The loan application as well as
more specific details regarding guidelines and eligibility are available through the Anne Arundel Economic Development Corporation by contacting Christina Wiegand or Joe Timer at 410-222-7410 or online at www.aaedc.org