The county has invested about $600,000 in revitalization efforts throughout the county through loans and tax credits, Anne Arundel County Executive Steve Schuh announced Monday.
The loans were provided by the Anne Arundel County Economic Development Corporation from its Arundel Community Reinvestment Fund, according to a news release. About $455,780 loans were given to 12 businesses. The loans can be as high as $100,000, but can only pay for up to 90 percent of a project’s cost.
Money from the fund is targeted at the county’s eight Commercial Revitalization Districts, which include portions of Glen Burnie, Laurel, inner West Street, Odenton, Pasadena and Brooklyn Park.
The rest of the money came in the form of tax credits. Nine businesses received tax credits totaling $125,000 over the last three years. Property owners can receive a tax credit for an increase in real property tax assessment for improvements of at least $100,000 of the assessed value.
Applications for loan and tax credit programs are at the Anne Arundel County Economic Development Corporation website at www.aaedc.com.