To qualify for the awards - managed by economic development organization Ann Arbor SPARK and Weidmayer, Schneider, Raham and Bennett, CPAs -  companies must achieve average annual revenue growth of 20 percent for three consecutive years. They also must report revenue of at least $100,000.

Revenue growth may seem like all but an oxymoron for many companies in the midst of the economic crisis.

That’s what makes the 12th annual Fast Track awards so notable in 2009. The awards will honor the fastest growing companies in the Ann Arbor region.

The recipients will be honored in a special segment at the 2009 Deals of the Year ceremony presented by AnnArbor.com’s Business Review on Nov. 6.

Elizabeth Parkinson, director of marketing and public relations for SPARK, said the “very difficult economic situation” underscores the significance of companies that are experiencing sales growth.

“As we look back and as we celebrate their successes on Nov. 6, it’ll be with an even greater acknowledgment that they persevered and were able to maintain and sustain that business growth,” Parkinson said. “I think it’s an extraordinary achievement on what would have already been quite an achievement.”

In 2008, the only four-year winners were HealthMedia, Menlo Innovations and Motawi Tileworks. In the three-year category, Online Technologies, Soft-Link International, Adaptive Materials and Akasha Crystals made the list. ForeSee Results, Latitude Consulting Group and Shepherd Advisors were two-year recipients. Llamasoft, Saline Lectronics and University Bancorp made the list for the first time.

The deadline for this year's awards is Oct. 19. To apply, download this application.

Contact AnnArbor.com’s Nathan Bomey at (734) 623-2587 or nathanbomey@annarbor.com. You can also follow him on Twitter.