Economic growth agency increases loan availability

The Anne Arundel Economic Development Corp. is offering loans to small businesses in conjunction with the U.S. Small Business Administration (SBA).

The SBA just included the corporation as an approved lender in its 7(a) loan guarantee program. The corporation is the Baltimore area's first economic development organization to be included.

Its new status allows the corporation to make SBA-guaranteed loans in addition to the direct loans it makes from the Arundel Business Loan Fund.

The 7(a) program includes loans for $100,000 or less and loan programs for minorities and women. It also extends loans to qualified small businesses that cannot obtain traditional financing. SBA loans can be guaranteed up to 80 percent of the principal amount.

Applicants pay a nonrefundable $250 fee. For more information, call the corporation at 410-222-7410.

Pub Date: 1/15/98