Businesses Hit by Flood Damage or Loss of Revenue from Coastal Flooding Have Another Source for Relief Dollars

Anne Arundel County Executive Pittman and AAEDC  announced the VOLT Disaster Recovery Relief Program, an initiative to help businesses recover from the damage and pause in operations sustained as a result of the storm and coastal flooding that impacted Anne Arundel County on Oct. 29-30. The program will be managed by the Anne Arundel Economic Development Corporation (AAEDC), which will begin taking applications for grants of up to $50,000, on a rolling basis, on Nov. 1, 2021.

Qualifying applicants include businesses that align with the U.S. Small Business Administration’s (SBA) categories of small business, 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 applicant will be required to submit:

  • a VOLT application
  • a copy of 2019 business tax returns or schedule C
  • a statement listing all damages, including details of the loss of income
  • a budget detailing the use of grant proceeds
  • a completed W-9 form

Applicants will also be required to be available for a site visit to review damages to the property/business.

The VOLT Disaster Recovery Relief Program is supported by $1,000,000 in funding from Maryland’s video lottery terminal (VLT) loan program. AAEDC manages the VOLT Fund on behalf of the Maryland Department of Commerce. The department oversees the state’s Small, Minority and Women-Owned Business loan fund, which is supported by 1.5 percent of video lottery terminal revenue from 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 additional information, inquiries can be sent to Stephen Primosch at [email protected].

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