ANNAPOLIS, MD (January 10, 2008) - - -  The Anne Arundel Economic Development Corporation (AAEDC) has approved a $200,000 loan for Edgewater Oceanic and a $150,000 loan for Anago of Baltimore through its Arundel Business Loan (ABL) Fund.  The ABL Fund offers loans of up to $300,000 to companies doing business in Anne Arundel County.

 

Edgewater Oceanic, located in Edgewater, is an expansion of an existing auto service station to include auto accessories, an auto repair shop and a convenience store selling items such as snack foods, newspapers and magazines, and coffee.  The loan from the ABL Fund helped owners Sergio and Kimberly Santini purchase the property and remodel and retrofit the existing facilities.  For more information, call 410-798-0800.

 

Anago of Baltimore, located in Glen Burnie, is a janitorial-service franchise specializing in building cleaning services. The business began in 2005 and currently provides services for over 100 properties.  Owners Susan and Mark Cashman will use loan proceeds for working capital to add staff and to grow the business.  For more information, call 410-760-6306 or visit the web site www.anagomd.com.

 

"Small businesses are an important part of the Anne Arundel County economy,” said County Executive John R. Leopold.  “The ABL Fund can provide small businesses the resources needed for growth and success.”

 

“AAEDC is committed to the success of proprietary/owner-operated businesses in Anne Arundel County,” said Robert L. Hannon, president and CEO of the Anne Arundel Economic Development Corporation.  “During the last 10 years, the ABL Fund has provided $9.5 million in financing to 81 businesses with loans averaging $118,000,” he continued.  “I encourage all of our entrepreneurs to take advantage of the ABL Fund as well as the counseling services offered through the Small Business Resource Center at AAEDC.”

 

In addition to Edgewater Oceanic and Anago of Baltimore, the following companies have received small business loans from the ABL Fund in 2007:  Christopher’s Salon and Day Spa in Brooklyn Park, Peninsula Envy Business Center in Edgewater, and Annapolis Caterers, LLC in Annapolis. 

 

The AAEDC ABL Fund is a partnership involving the U.S. Small Business Administration and 17 banks that provide a line of credit that totals $3.4 million.  The participating banks are Branch Banking & Trust (BB&T), Wachovia Bank, SunTrust Bank, Bank of America, M&T Bank,  PNC  Bank, BankAnnapolis, The Bank of Glen Burnie, Citizens Bank, Sandy Spring Bank, Susquehanna Bank,  Provident Bank, The Columbia Bank, Carrollton Bank, County National Bank, First Mariner Bank, and CommerceFirst Bank.

 

The Anne Arundel Economic Development Corporation (AAEDC) mission is to serve business needs and to increase Anne Arundel County’s economic base through job growth and business investment.  For a complete list of services provided by AAEDC, visit the web site at www.aaedc.org or call 410-222-7410.