Headlines – County Director Pittman and Economic Development Corporation Anne Arundel Launch VOLT Disaster Recovery Relief Program

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Annapolis, Md. (October 31, 2021) – Steuart Pittman, Anne Arundel County Manager, today announced the VOLT Disaster Recovery Relief Program, an initiative to help businesses recover from damage and suspend operations following the storm and coastal flooding that hit Anne Arundel County on October 29 and 30. The program will be managed by the Anne Arundel Economic Development Corporation (AAEDC), which will begin receiving grant applications of up to $ 50,000, on an ongoing basis, on November 1, 2021.

“As a small business owner, I know how difficult it can be to recover from property damage and business disruptions caused by events like this storm,” said Steuart Pittman, Anne County Manager Arundel. “I would like to thank the AAEDC for moving quickly to make this program available, and I would like to encourage all affected business owners to use these funds if your business is eligible.

With priority given to the businesses most affected by the storm, the program will allow eligible businesses to use the grants for any legitimate business expense, including physical repairs, replacement of equipment, loss of revenue due to the storm. closure, replacement of damaged inventory and necessary working capital. to initiate business operations.

“Our team’s goal is to provide these businesses with the essential funds they need to retain their employees and resume operations as quickly as possible,” said Ben Birge, CEO of AAEDC.

Eligible applicants include companies that align with the US Small Business Administration (SBA) small business categories, as defined by company size; are in good standing with the State of Maryland; and have a brick and mortar location in the state.

Each candidate will have to submit:

  • a VOLT application

  • a copy of the 2019 business income tax returns or Schedule C

  • a statement listing all damages, including details of the loss of income

  • a budget detailing the use of the grant proceeds

  • a completed W-9 form

Applicants should also be available for a site visit to examine damage to property / business.

VOLT’s disaster recovery relief program is supported by $ 1,000,000 in funding from the Maryland Video Lottery Terminal Loan (VLT) program. AAEDC manages the VOLT Fund on behalf of the Maryland Department of Commerce. The department oversees the state loan fund for small businesses, minorities and women, which is supported by 1.5% of revenues from video lottery terminals at Maryland casinos.

To access the application, visit the VOLT Disaster Recovery Relief Program page on the AAEDC website:

https://www.aaedc.org/business/financing-and-tax-credits/volt-disaster-recovery-program/

For more information, requests can be sent to Stephen Primosch at [email protected].

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ABOUT ANNE ARUNDEL ECONOMIC DEVELOPMENT CORPORATION

AAEDC’s mission is to serve as a catalyst for business growth in Anne Arundel County, thereby increasing employment opportunities, broadening the tax base and improving quality of life.

It provides investment and technical assistance and encourages community revitalization initiatives. AAEDC plays a vital role in improving business districts, improving county infrastructure, increasing agricultural businesses, and promoting high value-added business sectors such as technology and national defense. News and updates are available on the company’s website www.aaedc.org.

ABOUT THE VOLT FUND

Maryland’s ALV program uses 1.5% of the proceeds from video lottery terminals (slot machines) to help small businesses, minorities and women located in targeted areas surrounding the six Maryland casinos as well as across the country. State. AAEDC began managing the VLT on behalf of the Maryland Department of Commerce in May 2013 and has disbursed over $ 14,389,057 in total funds to 112 companies since. To learn more about the VOLT Fund, visit https://www.aaedc.org/business / finance-and-taxation-credits / volt-funds /. To learn more about the Maryland Video Lottery Terminal Fund, visit https://commerce.maryland.gov/funds / programs-for-companies /vlt.


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