The business was approved for a $40,000 loan last year by the Bel Air Board of Town Commissioners. Terms called for repayment in 10 years at an annual interest rate in the 2 to 2.5 percent range. Town officials said the loan is still viable and is not in default.
Heidenreich said the All About Cookies' owners are responsible for the loan, not the owner of the new business..
Town Administrator Jim Fielder confirmed Thursday that All About Cookies still holds the loan. The owner of the building is listed on online property records as only All About Cookies LLC.
"The Town is in active discussions regarding the satisfaction of the loan according to the terms of the loan documents," Fielder said via email. "The loan remains with 'All About Cookies' and has not been transferred."
Heidenreich said the idea of the town's revolving loan program is to encourage small businesses to move into older buildings, particularly in the downtown area where there are several vacant storefronts.
She said she isn't disappointed at all by All About Cookies closing abruptly so soon after receiving the loan.