November 29, 2021

Tomer Aiderapp

Consummate Business Technicians

Headlines – County Executive Pittman, Anne Arundel Economic Development Corporation Launch VOLT Disaster Recovery Relief Program

Annapolis, Maryland (Oct. 31, 2021)– Anne Arundel County Government Steuart Pittman nowadays declared the VOLT Disaster Restoration Relief Application, an initiative to help organizations recover from the destruction and pause in operations sustained as a consequence of the storm and coastal flooding that impacted Anne Arundel County on Oct. 29-30. The plan will be managed by the Anne Arundel Economic Advancement Corporation (AAEDC), which will commence using programs for grants of up to $50,000, on a rolling basis, on Nov. 1, 2021.

“As a compact organization operator, I know how hard it can be to recuperate from house destruction and enterprise interruptions prompted by occasions like this storm,” Anne Arundel County Govt Steuart Pittman reported. “I want to thank the AAEDC for transferring speedily to make this program offered, and I want to encourage all impacted organization entrepreneurs to make use of these money if your company is qualified.”

With priority given to firms most afflicted by the storm, the application will allow suitable organizations to use the grants for any legitimate company expenditure such as physical house repairs, substitute of equipment, loss of revenue from remaining shut, replacement of damaged inventory and doing work cash wanted to get company operations up and running. 

“Our team’s objective is to get these organizations the important money that they need to equally retain their staff members and get back to business as immediately as doable,” claimed AAEDC CEO Ben Birge.

Qualifying candidates include things like businesses that align with the U.S. Small Enterprise Administration’s (SBA) categories of modest business, as outlined by enterprise sizing are in great standing with the State of Maryland and have a brick-and-mortar spot in the point out. 

Each and every applicant will be demanded to submit: 

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    a VOLT software

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    a duplicate of 2019 business enterprise tax returns or timetable C

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    a assertion listing all damages, including aspects of the reduction of income 

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    a budget detailing the use of grant proceeds

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    a accomplished W-9 kind

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Candidates will also be expected to be accessible for a web-site pay a visit to to assessment damages to the assets/business. 

The VOLT Catastrophe Restoration Relief Plan is supported by $1,000,000 in funding from Maryland’s video clip lottery terminal (VLT) financial loan system. AAEDC manages the VOLT Fund on behalf of the Maryland Section of Commerce. The department oversees the state’s Modest, Minority and Ladies-Owned Company mortgage fund, which is supported by 1.5 percent of online video lottery terminal income from Maryland casinos.

To access the software, take a look at the VOLT Disaster Recovery Relief Method site on the AAEDC web page:

https://www.aaedc.org/small business/financing-and-tax-credits/volt-catastrophe-restoration-system/

For added information and facts, inquiries can be sent to Stephen Primosch at [email protected].

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ABOUT THE ANNE ARUNDEL Economic Enhancement Company

The mission of the AAEDC is to provide as a catalyst for enterprise development in Anne Arundel County thus rising work chances, expanding the tax base and strengthening excellent of daily life.

It supplies investment and technological aid and fosters community revitalization initiatives.  AAEDC plays a critical part in boosting commercial districts, bettering county infrastructure, raising agriculture-primarily based organization and selling substantial-worth enterprise sectors this kind of as know-how and national defense. Information and updates are offered on the corporation’s web-site www.aaedc.org

 

ABOUT THE VOLT FUND

Maryland’s VLT program uses 1.5% of proceeds from movie lottery terminals (slots) to aid modest, minority, and ladies owned businesses situated in targeted regions surrounding Maryland’s six casinos as perfectly as through the condition. AAEDC began handling the VLT on behalf of the Maryland Division of Commerce in Could 2013, and has directed more than $14,389,057 in whole resources to 112 companies considering the fact that. To discover extra about the VOLT Fund, check out https://www.aaedc.org/company/financing-and-tax-credits/volt-fund/. To master more about the Maryland Online video Lottery Terminal Fund, go to https://commerce.maryland.gov/fund/packages-for-businesses/vlt.