ANNAPOLIS, MD (February 17, 2009) - - - Anne Arundel Economic Development Corporation has announced the addition of Howard Bank as a participating lender in the Arundel Business Loan (ABL) Fund.  The ABL Fund offers loans of up to $300,000 to companies doing business in Anne Arundel County.

 

There are now sixteen participating banks that support the ABL Fund with a line of credit that totals $3 million.   In addition to Howard Bank, ABL Fund partner banks are Bank of America, BankAnnapolis, BB&T, The Bank of Glen Burnie, Carrollton Bank, The Columbia Bank, CommerceFirst Bank, 1st Mariner Bank, M&T Bank, PNC Bank, Provident Bank, Revere Bank, Sandy Spring Bank, SunTrust Bank, and Susquehanna Bank.  The U.S. Small Business Administration (SBA) is a partner in the ABL Fund and also provides credit enhancement in the form of loan guarantees.

 

"The ABL Fund and the banks that support it provide an important service to the Anne Arundel County small business community," said Anne Arundel County Executive John R. Leopold.  "I am very pleased with the continued support from each of these banks."

 

"The strength and success of the ABL Fund begins with our partner banks," said Robert Hannon, president and CEO of the Anne Arundel Economic Development Corporation.  "We welcome Howard Bank on board as we continue our efforts to help small businesses prosper in Anne Arundel County."

 

Over the past ten years, the ABL Fund has made 73 loans totaling $9.3 million.  In 2008, three businesses received small business loans from the ABL Fund for a total of $500,000.  The companies are E-Star, LLC, Personal Design Landscaping, Inc., and Tipton Airport.

For more information about the ABL Fund and other available business services, call Joe Timer at 410-222-7410 or visit the Anne Arundel Economic Development Corporation web site at www.aaedc.org.