News Column

BRIEF: State gives Anne Arundel Economic Development Corp. $2M for VOLT Fund

June 18, 2014

By Shantee Woodards, The Capital, Annapolis, Md.

June 18--ANNAPOLIS -- Anne Arundel Economic Development Corp. received $2 million from the state for its loan fund geared toward small businesses around the state.

The money came from the state's Department of Business and Economic Development, which awarded more than $9 million to the AAEDC and five other loan fund managers around the state. Last year, AAEDC's VOLT Fund provided loans to 18 companies in six jurisdictions.

The fund is a loan program geared to help small, minority, women and veteran-owned businesses in Anne Arundel County and around the state.

In April 2013, the state gave AAEDC $3.3 million for the VOLT Fund. Half of the money allocated is earmarked for businesses within 10 miles of one of the state's casinos, with the remainder going to those elsewhere in Maryland.

Anne Arundel has a casino in Hanover.

"I have always believed that successful economic development includes supporting the growth of small business, and the VOLT Fund is a major step in helping entrepreneurs access much-needed capital to start and grow their ventures," County Executive Laura Neuman said in a statement.


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Source: Capital (Annapolis, MD)