AAEDC 2024 Impact Report

2660 riva road, suite 200, annapolis, md 21401 | aaedc.org | 410.222.7410

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LETTER FROM OUR CEO

Dear Colleagues, Partners, and Friends, As we reflect on the past year, I am proud of the impact we have achieved together. Our work touches every corner of the economy, supporting local businesses, breaking down workforce barriers, revitalizing communities, and advocating for industries with policymakers. Each effort drives meaningful change, strengthening the foundation of our region.

Every day, I am inspired by the commitment of our exceptional team of professionals at AAEDC. They tirelessly bridge industries and ecosystems, ensuring businesses have access to vital resources. This past year demonstrated their dedication as we mobilized swiftly to support businesses affected by two major disasters, providing relief grants, resources, and unwavering assistance.

Our initiatives continue to set benchmarks. The Inclusive Ventures Program (IVP) remains a model across the state, and we proudly expanded its reach to better serve our Spanishspeaking community. These achievements underscore our commitment to making Anne Arundel County a beacon of opportunity.

Wam Regards,,

Amy Gowan President & CEO ANNE ARUNDEL ECONOMIC DEVELOPMENT CORPORATION

Anne Arundel County is a remarkable place to live, work, and do business. Its strategic location and desirable quality of life make it easy to attract industries. With a diverse employment base spanning cybersecurity, defense, technology, manufacturing, retail, and health services, our region is well-equipped to adapt to challenges and seize emerging opportunities. This diversity fosters a resilient local economy, further strengthened by a thriving industrial and commercial real estate market—standing in contrast to national trends post-COVID. In the year ahead, we remain dedicated to fostering an environment where businesses and communities can grow and thrive. As you explore the highlights of our 2024 Impact Report, we hope you’ll feel the same sense of pride in what we’ve accomplished together and share in the optimism for what lies ahead.

Thank you for your continued partnership, collaboration, and support. Together, we are building a stronger future.

Founded in 1993, the Anne Arundel Economic Development Corporation (AAEDC) is a 501(c)(3) organization based in Annapolis, Maryland.

AAEDC’s mission is to serve as a catalyst for business growth in Anne Arundel County, creating jobs, expanding the tax base, and improving citizens’ quality of life.

To accomplish this mission, AAEDC functions as the central hub of support for businesses of all sizes and sectors by offering: Small business counseling and mentorship Regulatory assistance and real estate guidance Market research and reports on the Anne Arundel County economy, demographics, and business climate A business accelerator program for small, minority-owned, woman-owned, and Veteran-owned businesses Loans with low interest rates and flexible payment terms, including options specifically created to support tech-based businesses and commercial revitalization AAEDC actively promotes these resources to position Anne Arundel County as a premier business destination.

| PAGE 6 | Executive Summary 2024 Achievements & Impact Measures | PAGE 5 |

AAEDC

TEAM PRESIDENT & CEO

CHIEF OPERATING OFFICER

Amy Gowan

Wes Macquilliam

DIRECTOR OF RESEARCH & PROGRAM DEVELOPMENT

VICE PRESIDENT, ADMINISTRATION

CHIEF OF STAFF

VICE PRESIDENT, FINANCIAL SERVICES

VICE PRESIDENT, COMMUNICATIONS

Jonathan Boniface

Lisa Grunder

Christina Holliday

Steve Primosch

Victoria Zelefsky

BUSINESS DEVELOPMENT DIRECTOR

BUSINESS DEVELOPMENT DIRECTOR

BUSINESS DEVELOPMENT DIRECTOR

BUSINESS DEVELOPMENT DIRECTOR

Jill Porter

Anita Dewling

Barbara Quaye

Shelley Garrett

SENIOR LOAN ADMINISTRATOR

TOWN CENTER REVITALIZATION MGR

CREATIVE & IT MANAGER

MARKETING & OUTREACH MANAGER

Dawn Seaton

Kayleigh De La Puente

Grayson Orphe

Steve Adams

OFFICE MANAGER

LOAN ADMINISTRATOR

LOAN UNDERWRITER

Jennifer Ball

Kelly Hall

Timothy Sharp

Anne Arundel Economic Development Corporation (AAEDC) is a privatized agency of Anne Arundel County government, dedicated to fostering a vibrant local business environment. By promoting Anne Arundel County as a prime destination for businesses, AAEDC delivers comprehensive financing and technical assistance to enterprises of all sizes and stages of development. The organization also leads community revitalization initiatives and supports key sectors, including technology, agriculture, and maritime industries.

In 2024, AAEDC achieved significant milestones across its programs and initiatives. Most notably, the Inclusive Ventures Program (IVP) graduated 48 business owners, including 13 from the inaugural Spanish-language cohort, with alumni collectively creating 237 new jobs and generating over $22 million in revenue to the County. The VOLT Loan Program awarded $2.3 million to 24 small, minority-, woman-, and Veteran-owned businesses, bringing the total to $22 million in loans supporting 180 businesses since 2013. Revitalization efforts included over $1 million in loans and $544,350 in grants for façade improvements in older commercial districts, $500,000 in state funding for redevelopment in Glen Burnie and Odenton, the launch of AAEDC’s first real estate RFP at 7409 B&A Blvd in Glen Burnie, and a new public art project in Rotary Park. Disaster recovery efforts distributed $323,385 in relief grants to businesses and nonprofits affected by the Annapolis flooding, and agricultural growth was bolstered by $38,250 in grants to eight farmbased businesses.

As we reflect on the progress and impact achieved in 2024, we are proud of the meaningful support we were able to provide to businesses across Anne Arundel County. Building on this foundation, AAEDC remains committed to fostering economic growth through innovative programs, strategic partnerships, and sustainable development, ensuring Anne Arundel County continues to thrive as a premier business destination.

| PAGE 8 | Executive Summary

In 2024, the Inclusive Ventures Program (IVP), launched by AAEDC in January 2021 to support small, minority-owned, woman-owned, and Veteran-owned businesses in Anne Arundel County during the pandemic, continued its success and impact.

In 2024, IVP had 48 graduates, including 13 Hispanic business owners who completed the first Spanish-language version of the program. Impact surveys from the first six cohorts show that 65 graduates, created 237 new jobs in Anne Arundel County and generated nearly $22 million in revenue to the County.

IVP is a prime example of grassroots economic development, and we look forward to watching it continue to help business owners generate more jobs, revenue, and generational wealth in Anne Arundel County.

“Like its name says, IVP really is inclusive – it provides the education and resources to help you grow, no matter what stage of business you’re in.”

Shraban Khanal, Owner of Royal Spice

| PAGE 10 | Achievements & Community Impact

In 2024, AAEDC awarded over $2.3 million ($2,345,000) to 24 small, minority-owned, womanowned, and Veteran-owned businesses through the VOLT Fund. These loans varied in size and purpose, from a $40,000 loan for a restaurant’s expansion (its third VOLT loan) to a $225,000 loan for a dermatology practice to purchase new equipment.

Highlights from targeted VOLT Fund program impact in 2024 include: Two $50,000 loans to woman-owned businesses via the VOLT Microloan Fund, supporting accelerator graduates who face challenges accessing traditional financing.

Two $100,000 loans to high-growth, innovative Maryland companies through the VOLT Growth Fund, aimed at implementing go-to-market strategies and accelerating sales.

Since May 2013, AAEDC has awarded over $22 million to 180 businesses through the VOLT Fund, working alongside a network of 9 fund managers who have distributed over $130 million to 1,240 businesses. AAEDC looks forward to continuing to support business growth and job creation across Maryland.

“The VOLT Fund has been instrumental in both the initial launch and continued growth of JesseJay's. It provided the crucial financial backing that enabled us to transform our vision into reality when traditional banks couldn’t, and it allowed us to pursue two expansion opportunities that might have otherwise been out of reach.”

Jayleen Fonseca, Owner of JesseJay’s

Achievements & Community Impact | PAGE 11 |

Community Revitalization In 2024 AAEDC fortified its commitment to supporting commercial revitalization by: Awarding over a million dollars ($1,066,122) in loans and $544,350 in accompanying grants to 13 property owners through our Arundel Community Reinvestment (ACR) Fund, which incentivizes business façade improvements in older commercial districts located in the county’s eleven Commercial Revitalization Districts; parts of the City of Annapolis; Anne Arundel County’s Enterprise zone, located in Brooklyn Park; and designated commercial corridors located in South County.

Receiving and begin implementation of $300,000 to activate vacant commercial space by matching prospective tenants with identified spaces and providing funds for build out and rental assistance as well as $150,000 for tandem grants to support the ACR Fund implementation in Glen Burnie and Odenton, Maryland.

ACR Loan Project Highlight: Arundel Village Plaza, Brooklyn Park Commercial real estate industry veterans Gamliel Hackerman and Gil Neuman are the co-owners of the Arundel Village Plaza, a shopping center located on Ritchie Highway in Brooklyn Park.

Although the center is 100% occupied, with twelve tenants ranging from restaurants to health, Gamliel and Gil believed that giving the 1980s-era Plaza a refresh would help bring them more business.

After receiving a letter from AAEDC in early 2024 and learning that the ACR Fund exists to support such investments, they quickly applied for and received a $100,000 loan and $31,796 grant that allowed them to make improvements including new signage, repaving and repainting, and new landscaping.

| PAGE 12 | Achievements & Community Impact

Glen Burnie Town Center After creating and filling the position of Town Center Revitalization Manager in 2023, AAEDC carried out several initiatives focused on redeveloping and revitalizing the Glen Burnie Town Center (GBTC) and surrounding commercial areas in 2024, including:

Signage Design & Installation Developing a branding campaign for the Town Center that includes a logo and style guide, 32 branded street pole banners installed throughout the corridor as well as wayfinding and parking signage to be installed spring 2025.

Glen Burnie Farmers’ Market Partnering with the Northern Anne Arundel County Chamber of Commerce to host a special community event for the final farmers market of 2024 featuring Glen Burnie businesses, food trucks, and live music.

Rotary Park Mural Project Issuing a Request for Qualifications that will identify an artist (or artist team) with experience in the design and implementation of public art for a mural that will be installed at Rotary Park, which abuts the Town Center.

Better Block Contracting and partnering with the Better Block Foundation, a national urban design nonprofit organization who will lead the activation of “The Glen Burnie Better Plaza,” a placemaking project that involves working with community stakeholders to design, then install, a temporary activation that reenvisions the plaza as a vibrant and inviting gathering space for the community and will be completed in June 2025.

Achievements & Community Impact | PAGE 13 |

Redevelopment Initiatives & Projects Redevelopment is occurring at 7409 Baltimore and Annapolis Blvd., a 13-acre developable county property. The site is the former County Utility Wastewater Headquarters. The county is looking to redevelop this site as a vibrant, transit-oriented project with a mix of uses. The RFP for development partners was issued in May 2024 by AAEDC and closed on July 10, 2024.

AAEDC will continue to work with the County to finalize the disposition and negotiate a sale in Q2 2025.

| PAGE 14 | Achievements & Community Impact

WORKFORCE TRAINING GRANTS In 2024, AAEDC helped 16 businesses train and grow their workforce by providing a total of $31,151 in reimbursements for the costs of training a total of 152 employees. Notably, nearly 1/3 of the funding went directly to training workers in the childcare industry.

Childcare Impact Kiddie Academy of Hanover used Workforce Training Grant funds to provide its team of early childhood educators with professional development opportunities in areas including early childhood education, first aid, and communication skills.

Little Scholars Child Development Center, located in Glen Burnie, used a Workforce Training Grant to help its team pursue teacher certification through the business’s teacher-intraining program. The certifications not only benefited staff and students, leading to higher salaries and enhanced instruction, but also helped the business retain a more qualified workforce and generate additional revenue.

“By helping us develop a workforce that’s more knowledgeable, skilled, and confident, the grants have led to improved care and service quality for children, better staff retention, and business growth.”

Gulnar Patel, Owner of Kiddie Academy of Hanover

Achievements & Community Impact | PAGE 15 |

AAEDC takes a strategic approach to content creation and sharing, guided by a well-thought-out marketing plan designed to deliver engaging, impactful messaging. Our plan includes a mix of planned content campaigns, creative storytelling, and timely updates to ensure our audience stays informed and inspired. The primary types of content we focus on include: Promoting Programs and Events: Highlighting our initiatives, workshops, and community gatherings.

Celebrating Local Businesses: Showcasing and supporting businesses within the county.

Sharing Resources: Providing valuable state and local business resources to empower the community.

Thought Leadership: Offering insights and expert advice tailored for entrepreneurs and business executives.

Email Marketing 13,200+

51.78%

subscribers

average open rate on newsletter

Web Traffic 91,000+

28,000+

page views

new users

Social Media Reach & Engagement 10,633

+1,906

followers across 4 platforms

new followers

Press Coverage 108 36

press mentions

663,046

37,379

total impressions

total engagements

| PAGE 16 | Marketing & Outreach

news outlets

2024 HIGHLIGHTS Published bimonthly, our New & Expanding Businesses List features business locations identified as new to, relocating to, expanding in, or under new ownership in Anne Arundel County.

389 290 Businesses Identified

New Businesses

67

32

Expanding/ Relocating

New Ownership

Achievements & Community Impact | PAGE 17 |

AWARDS & HONORS

Barbara Quaye, our Business Development Director who manages the Inclusive Ventures Program (IVP), was named a Greater Baltimore Leader in Diversity by the Baltimore Business Journal in April 2024.

Jill Porter, one of our Business Development Directors, was honored as the BWI Business Partnership’s 2024 Volunteer of the Year at the organization’s Annual Meeting & Awards Ceremony in June 2024.

Victoria Zelefsky, our Vice President of Communications, was named a Top Woman Leader for 2024 by Women We Admire in July 2024.

| PAGE 18 | Achievements & Community Impact

Money Maryland We partnered with Will Holmes Consulting and M&T Bank to host the second edition of Money Maryland Anne Arundel County on May 31, 2024.

With over 125 business owners and partners in attendance, the free regional expo provided small, minority-owned, woman-owned, and Veteran-owned businesses with valuable information and advice on accessing key growth programs and resources, including AAEDC’s loan funds and the county’s new Procurement Access & Vendor Equity (PAVE) program.

| PAGE 20 | Major Events

2024 HIGHLIGHTS 125+ attendees 20 panelists 12 exhibitors

Hosted at Homestead Gardens in Davidsonville, our signature summer event celebrated Anne Arundel County agriculture by featuring: A custom menu of12 delicious dishes made by Bread and Butter Kitchen owner and Chef Monica Alvarado Using ingredients from 15 of Anne Arundel County's farmers and producers Thanks to the generosity of the 36 diverse businesses and producers that supported the event through cash and/or in-kind sponsorships, as well as the 150+ attendees, we were able to donate a portion to the Southern FFA with additional proceeds of over $19,000 going directly towards our 2025 Agricultural Business Improvement Grant (ABIG) program, which provides matching grants of up to $10,000 to help farm-based businesses in Anne Arundel County expand their operations.

2024 HIGHLIGHTS 150+ attendees Ingredients from 15 producers Made possible by 36 sponsors

Major Events | PAGE 21 |

Business Appreciation Week (BAW) is a week-long event in October that brings county department heads and community leaders together with local businesses to discuss their successes and challenges directly with policymakers.

In 2024, AAEDC celebrated BAW from October 21-25, with over 160 business inquiries for visits and a record number of visits to 77 businesses by 57 ambassadors from 17 organizations.

The 77 diverse businesses that AAEDC visited represented a true cross-section of Anne Arundel County’s 61,000 businesses, ranging from newly established ventures to a 111-year-old company. Of these, 23 were minority-owned, 36 were women-owned, and five were Veteran-owned, and they collectively employ approximately 4,689 people in Anne Arundel County.

| PAGE 22 | Major Events

2024 HIGHLIGHTS 160+ business inquiries 77 business visits 57 ambassadors 23 minority-owned 36 women-owned 5 veteran-owned

Annapolis Flood (January 2024)

”

After Annapolis Mayor Gavin Buckley signed a City State of Emergency declaration on January 12, 2024, AAEDC activated the VOLT Disaster Recovery Relief Program to help small, minority-owned, woman-owned, and Veteran-owned businesses and non-profits located in the City of Annapolis recover from the damage and pause in operations sustained from flooding on January 9 and 10, 2024. Eligible businesses and non-profits could apply for grants of up to $50,000, and AAEDC distributed eight grants totaling $323,385 to seven businesses and one non-profit.

| PAGE 24 | Disaster Relief

"We are very grateful to Stephen Primosch, of Anne Arundel Economic Development, for his prompt and expeditious administration of the VOLT grant funding which helped us cover some of the losses,"

Alice Estrada, President & CEO, Annapolis Maritime Museum & Park

AAEDC Impact $320,000+ in relief funding 7 businesses 1 non-profit

Francis Scott Key Bridge Collapse (March 2024) Following the collapse of the Key Bridge on March 26, 2024, and the subsequent closure of the Port of Baltimore, AAEDC and Anne Arundel County quickly launched efforts to support impacted businesses, workers, and residents.

AAEDC served as the lead agency to support business relief in Anne Arundel County. Key areas of support provided include: Representing the County on the Governor’s Intergovernmental Response Team Collaborating with other jurisdictions on an official survey to assess business needs Communicate with Department of Commerce on local needs to inform state relief programs Staffing the Anne Arundel County disaster relief center Leading marketing efforts through social media, the AAEDC website and direct mailers to provide critical resources and updated information to businesses affected

Disaster Relief | PAGE 25 |

ABOUT INTERWORLD CLEANING

INITIAL CHALLENGES Early on, Jon faced a number of challenges that proved to be more complicated than anticipated – including mastering general business practices, like finding and pricing projects, obtaining legal protection, and handling collections.

After immigrating from Uzbekistan to the United States in 2005 with just $200 and being subjected to harsh working conditions as a cleaner, Jon resolved to become his own boss and create a different kind of cleaning company. He accomplished this in 2009 when he founded Interworld, a business based on delivering value to customers, staff, and the environment.

HOW AAEDC HELPED Jon first discovered AAEDC in 2017 when he met Wes MacQuilliam, AAEDC’s COO, and heard about its programs and resources. Wes first connected Jon with Candace Pruett, a Maryland SBDC Business Counselor, to refine his business plan and growth strategy. He then applied for and received a $76,000 loan and $37,000 grant in 2024 through the Arundel Community Reinvestment (ACR) Fund that he’s now using to make exterior improvements to a property he not only owns but also leases sections of to generate additional revenue.

The chain of connections has been invaluable, and I’m confident that we will continue to leverage AAEDC resources as Interworld continues to grow. The support of both AAEDC and SBDC played a crucial role in my decision to remain in Anne Arundel County rather than move the business back to Baltimore County.

”

Asrorjon (Jon) Shukurov, Owner

WHAT’S NEXT? Jon has scaled Interworld into a million-dollar enterprise (with clients including Coca Cola, Lockheed Martin, and Costco), earning it the title of 2023 SBA Maryland Minority Owned Small Business of the Year. But he’s certainly not resting on his laurels. In addition to making the ACR-funded property renovations that will help attract more clients, he plans to grow the company’s digital presence and is considering opening additional locations in the future. He’s also giving back by teaching “How to Start and Scale a 7-Figure Cleaning Business,” a Maryland SBDC course, so that other entrepreneurs can hopefully follow in his footsteps.

Case Studies | PAGE 27 |

ABOUT DATACRAFT SOLUTIONS

CHALLENGES FACED According to Andy, one of the biggest challenges for a small software development contractor in such a highly competitive industry is being able to secure the reliable and consistent funding required to operate amid each year’s funding peaks and troughs. Because the company employs highly skilled developers, finding the right developer for the right position is often a challenge as well.

After years of working as a software developer for large federal contractors, Andy launched Datacraft Solutions, a full-service technical solutions provider for federal contracting. Tailored services range from processing, cleaning, analyzing, and sharing large datasets in a variety of deployment architectures. Their engineers solve technical challenges and help make big data challenges easier, more manageable, and actionable. Andy’s idea was to hire bright people, take care of them, fund their curiosity, and reward their ingenuity. The hope is to produce better work and create a self-sustaining culture that is authentic and allows everyone to share as the business grows, while also avoiding burn-out and enjoying life outside of the work.

HOW AAEDC HELPED Andy was enrolled in Fort Meade Alliance’s Micro Business Mentorship Program when he first met Wes MacQuilliam, AAEDC’s COO at a networking event in 2024. Following that interaction, Jill Porter, AAEDC’s Business Development Director who oversees the tech and DoD industries, and Carrie Long, MD Department of Commerce’s Senior Business Development Representative, Office of Regional Growth and Retention for Anne Arundel County, held an in-depth consultation with Andy to understand more about his business goals and provide program resources and insights.

After learning about the targeted resources that AAEDC offers for tech-based businesses, Andy applied for and received an $85,000 Next Stage Tech Fund loan that helped Datacraft Solutions recruit and hire three employees who are now working under existing contracts. Andy has also taken advantage of opportunities to be involved in collaborative discussions with AAEDC and partner organizations like Anne Arundel Workforce Development Corporation.

WHAT’S NEXT? As Datacraft continues to grow, Andy is looking forward to working with AAEDC to expand their physical presence in Anne Arundel County where his team of hard-working engineers can connect, collaborate, and, yes, win more contracts!

| PAGE 28 | Case Studies

AAEDC has been a huge advocate for Datacraft, and the Next Stage Tech Fund has helped us continue to grow our team and, in tandem, our revenue.

Andy Naylor, Owner

”

ABOUT JESSEJAY’S

CHALLENGES FACED Although Jayleen and Jesse possessed over a decade of experience in corporate management and the restaurant industry, respectively, securing funding was their earliest obstacle. The next one, which reared its ugly head just 11 months after JesseJay’s opened, was the COVID-19 pandemic. Fortunately, as Jayleen recalls, AAEDC was able to help her overcome both.

Beyond the financial support, AAEDC’s comprehensive resources and unmatched connections have been instrumental in our success. I consider the team at AAEDC as true partners, and I’m incredibly grateful for the relationship that we’ve built over the last five years.

”

Jayleen Fonseca, Owner

Shortly after Jayleen, who had always dreamed of owning her own business, met Jesse, a professional chef, they arrived at a shared vision of opening a restaurant that would serve the delicious foods inspired by their Mexican and Puerto Rican heritages. They began planning how to make it happen in 2018 and, after jumping at the opportunity to purchase a building that had long been the “Swamp Circle Saloon,” concluded that the next need was more capital.

HOW AAEDC HELPED Jayleen was first introduced to AAEDC 2018 by a commercial banker who, although he couldn’t approve her loan, saw potential in the venture and thought that it might be a fit for the VOLT Fund. He was proven right a few months later, when Jayleen and Jesse used a $270,000 loan that same year to build out and purchase equipment for the restaurant, and again in late 2020, when a $43,557 VOLT loan helped them purchase a food trailer and adapt to a carry-out model during the pandemic. Three years later in 2023 Jayleen seized the opportunity offered by another impactful AAEDC resource, the Inclusive Ventures Program (IVP), and, a few months after completing what she calls a “truly transformative experience,” used a third VOLT Fund loan in 2024 for $40,000 to expand the restaurant by building an all-seasons outdoor pavilion.

WHAT’S NEXT? Nearly six years after opening their restaurant’s doors, Jayleen and Jesse have established it as an award-winning “haven of flavor” whose growth shows no signs of stopping. Jayleen says she’s looking forward to continuing to grow the business’s sales and profitability, including by offering live music and maximizing the new outdoor pavilion.

Case Studies | PAGE 29 |

2660 riva road, suite 200, annapolis, md 21401 aaedc.org | 410.222.7410