Start-up technology companies in Maryland will get a $500,000 infusion of funding with the expansion of a state-sponsored loan program.
The Maryland Technology Development Corp. received an additional $500,000 in funding for its Working Capital Loan Fund as part of the state’s fiscal 2007 budget, bringing the total fund to $1 million, officials announced Wednesday.
The fund, which provides loans between $15,000 and $50,000 for incubation-stage tech firms, was launched last September with $325,000 in federal funds and $175,000 from the state. Because the federally funded portion of the program required loans to go to “under-served” areas in the state, Montgomery and Prince George’s County-based companies were not previously eligible for the loans. The new state funds will allow the Technology Development Corp. to offer the program statewide.
“These investments are designed to allow early-stage companies to grow their innovative businesses through flexible capital and business assistance,” said Renee Winsky, interim executive director for the Technology Development Corporation. “We are committed to helping young, innovative companies throughout the state to be more successful.”
Eligible companies must be affiliated with one of the state’s 16 business assistance incubators, which house early-stage companies and provide resources for their tenants and other start-ups. The fund made its first investment — $40,000 to Baltimore-based BA Systems — in May. The company, which specializes in wireless and mobile technology information systems, is located at the Emerging Technology Center @ Canton incubator.
Maryland’s many business incubators
Maryland’s business incubators offer shared resources, access to state-of-the-art equipment and facilities and business assistance to start-ups in the state. There are seven in Montgomery and Prince George’s counties.
Montgomery County:
» Association for Entrepreneurial Science (Rockville)
» Maryland Technology Development Center (Rockville)
» Silver Spring Innovation Center
» Wheaton Business Innovation Center
Prince George’s County:
» Business and Technology Growth Center at University Town Center (Hyattsville)
» Prince George’s County Technology Assistance Center (Largo)
» Technology Advancement Program (College Park)
