Complementary grants of 25% of approved Community Reinvestment Fund loan amount available to business and property owners
Annapolis, MD (February 7, 2023) Anne Arundel County Executive Steuart Pittman and Anne Arundel Economic Development Corporation (AAEDC) Interim CEO Jill Seamon announced a new initiative to complement the Arundel Community Reinvestment (ACR) loan program where who apply and are approved for an ACR loan for up to $100,000 can receive a grant equal to 25 percent of the loan amount for facade improvements.
“Small businesses and commercial property owners located in our older commercial corridors were impacted by the pandemic and had less resources to maintain their storefronts,” said Anne Arundel County Executive Steuart Pittman. “This grant initiative not only helps support those businesses but it supports the beautification of our communities as a whole.”
The tandem grant initiative is supported by $544,350 in American Rescue Plan (ARP) funding and grants are limited to $25,000. The Arundel Community Reinvestment Fund offers loans up to $100,000 to be repaid over three to seven years at zero percent interest. Eligible improvements include renovation and upgrades to building exteriors and site improvements, including landscaping, and loans are limited to 90% of total project costs.
“The grant is a great addition to our revitalization toolbox which currently includes the ACR program, the county’s revitalization tax credit and a complimentary ‘architect-on-call’ service,” said AAEDC Interim CEO Jill Seamon. “All together these resources can help renew economic vibrancy and mitigate blight in our mature commercial districts.”
The ACR is designed to spur economic activity and improvement in Anne Arundel County’s eleven Commercial Revitalization Districts, in the area at inner West Street in Annapolis from Church Circle to Chinquapin Round Road, and in the county’s one state-designated Enterprise Zone, in Brooklyn Park. Maps of the county’s revitalization areas are available at www.aacounty.org/commercialrevitalizationareas.
More information on the grant and loan can be found on the Arundel Community Reinvestment Fund page on the AAEDC website.