The Economic Development and Training Institute provides virtual /real office space, technical assistance, and free business training for more than 450 small businesses in this county. As the largest private business incubator in Maryland, the loss would be devastating. The Institute faces foreclosure by Annapolis bank, Severn Savings Bank, which is owed about $1.1 million in real estate loan, back taxes, loan fees, and legal charges.
EDTI says it has never missed a mortgage payment but did get behind on real estate taxes, which the bank paid on its behalf. After exiting bankruptcy this past December, the January loan bill came with back taxes and legal fees added on, sending the monthly payments from $7,753 to about $18,372. This amount was too much for the organization to pay.
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Those who help are now in need of help.
