The Anne Arundel Economic Development Corporation (AAEDC) recently marked the organization’s silver anniversary. County Executive Steve Schuh presented a county citation to AAEDC staff and its board of directors and gave brief remarks on AAEDC’s impact on the local and state economy.
“Since its official inception in July of 1993, AAEDC has played a significant role in expanding our business community and ushering in major real estate development projects that have raised the profile of Anne Arundel County,” Schuh said. “AAEDC has been instrumental in helping businesses start, grow and relocate here, enterprises that range from small mom-and-pop shops to industry icons. Their work has translated into thousands of jobs and a strong economy for Anne Arundel County.”
Said AAEDC CEO Julie Mussog, “I want to thank the county executive and the county council for their continued support of our organization and mission. We look forward to the next 25 years serving Anne Arundel County.”
In May 1993, then Anne Arundel County Executive Bobby Neall signed county council legislation approving the creation of Anne Arundel Economic Development Corporation. Formerly known as the Anne Arundel County Office of Economic Development, AAEDC was created as a 501(c)3 designated with promoting the county as a world-class business location, recruiting businesses to the area, expanding the county’s commercial and industrial tax base, developing job opportunities for county residents, and assisting existing employers to remain and grow in Anne Arundel County.
The designation also allowed AAEDC to operate as a community development finance organization. Development finance provides capital access to underserved markets and encourages business growth that can translate into long-term benefits to a community by way of job creation and the expansion of the local economy.
At inception, AAEDC carried over the Anne Arundel Economic Development Incentive Loan Fund, which eventually became the Arundel Business Loan Fund. Over two and half decades, AAEDC has grown its portfolio of financing options to four programs.
In addition, the organization has expanded its services to provide business development support to specific constituencies and markets including start-up businesses, agriculture, technology, maritime and commercial revitalization.